Company registration number 04069990 (England and Wales)
HIGGINSONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HIGGINSONS LIMITED
COMPANY INFORMATION
Director
Mr M B Porter
Company number
04069990
Registered office
Higginsons Butchers
Keswick House
Main Street
Grange-Over-Sands
LA11 6AB
HIGGINSONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HIGGINSONS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
109,255
118,805
Current assets
Stocks
65,530
54,757
Debtors
5
399,592
393,662
Cash at bank and in hand
312,570
358,561
777,692
806,980
Creditors: amounts falling due within one year
6
(124,066)
(129,832)
Net current assets
653,626
677,148
Total assets less current liabilities
762,881
795,953
Creditors: amounts falling due after more than one year
7
(12,444)
(22,636)
Provisions for liabilities
(27,300)
(28,000)
Net assets
723,137
745,317
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
718,137
740,317
Total equity
723,137
745,317
HIGGINSONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr M B Porter
Director
Company registration number 04069990 (England and Wales)
HIGGINSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Higginsons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Higginsons Butchers, Keswick House, Main Street, Grange-Over-Sands, LA11 6AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HIGGINSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HIGGINSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HIGGINSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
23
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
359,961
38,999
398,960
Additions
23,184
-
0
23,184
At 30 September 2024
383,145
38,999
422,144
Depreciation and impairment
At 1 October 2023
260,720
19,435
280,155
Depreciation charged in the year
27,843
4,891
32,734
At 30 September 2024
288,563
24,326
312,889
Carrying amount
At 30 September 2024
94,582
14,673
109,255
At 30 September 2023
99,241
19,564
118,805
HIGGINSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
54,842
62,068
Amounts owed by group undertakings
309,666
288,735
Other debtors
35,084
42,859
399,592
393,662
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,157
9,698
Trade creditors
61,725
57,985
Corporation tax
20,600
34,000
Other taxation and social security
-
0
7,299
Other creditors
24,584
20,850
124,066
129,832
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,444
22,636
8
Financial commitments, guarantees and contingent liabilities

The company has granted a debenture to Higginsons Family Holdings Limited which provides a fixed and floating charge over the assets of the company as security for all monies due or becoming due from the company's parent company Porter Family Holdings Limited to Higginsons Family Holdings Limited.

 

As at the balance sheet date the sum of £309,666 (2023 - £288,735) was due from Porter Family Holdings Limited to Higginsons Family Holdings Limited.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
293,895
342,878
2024-09-302023-10-01falsefalsefalse28 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr M B Porter040699902023-10-012024-09-3004069990bus:Director12023-10-012024-09-3004069990bus:RegisteredOffice2023-10-012024-09-30040699902024-09-30040699902023-09-3004069990core:PlantMachinery2024-09-3004069990core:MotorVehicles2024-09-3004069990core:PlantMachinery2023-09-3004069990core:MotorVehicles2023-09-3004069990core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3004069990core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3004069990core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3004069990core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3004069990core:CurrentFinancialInstruments2024-09-3004069990core:CurrentFinancialInstruments2023-09-3004069990core:ShareCapital2024-09-3004069990core:ShareCapital2023-09-3004069990core:RetainedEarningsAccumulatedLosses2024-09-3004069990core:RetainedEarningsAccumulatedLosses2023-09-3004069990core:PlantMachinery2023-10-012024-09-3004069990core:MotorVehicles2023-10-012024-09-30040699902022-10-012023-09-3004069990core:PlantMachinery2023-09-3004069990core:MotorVehicles2023-09-30040699902023-09-3004069990core:WithinOneYear2024-09-3004069990core:WithinOneYear2023-09-3004069990core:Non-currentFinancialInstruments2024-09-3004069990core:Non-currentFinancialInstruments2023-09-3004069990bus:PrivateLimitedCompanyLtd2023-10-012024-09-3004069990bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3004069990bus:FRS1022023-10-012024-09-3004069990bus:AuditExemptWithAccountantsReport2023-10-012024-09-3004069990bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP