G & H Engineering & Diving Services Limited
Unaudited Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 02412380 (England and Wales)
G & H Engineering & Diving Services Limited
Company Information
Directors
G.L. Hassell
G.P. Hassell
K Findley
Company number
02412380
Registered office
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Bankers
HSBC
127 High Street
Hounslow
TW3 1QP
G & H Engineering & Diving Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
G & H Engineering & Diving Services Limited
Balance Sheet
As at 31 August 2024
31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
162,333
153,371
Current assets
Stock
328,213
407,546
Debtors
4
2,408,916
2,545,470
Cash at bank and in hand
291
387
2,737,420
2,953,403
Creditors: amounts falling due within one year
5
(1,354,128)
(1,709,782)
Net current assets
1,383,292
1,243,621
Total assets less current liabilities
1,545,625
1,396,992
Creditors: amounts falling due after more than one year
6
(38,702)
(165,045)
Provisions for liabilities
(21,642)
(15,223)
Net assets
1,485,281
1,216,724
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,484,281
1,215,724
Total equity
1,485,281
1,216,724
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
G & H Engineering & Diving Services Limited
Balance Sheet (Continued)
As at 31 August 2024
31 August 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
G.L. Hassell
Director
Company Registration No. 02412380
G & H Engineering & Diving Services Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 3
1
Accounting policies
Company information
G & H Engineering & Diving Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Shipping Building, The Old Vinyl Factory, Blyth Road, Hayes, London, UB3 1HA.
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 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
The directors have assessed the company’s ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. During the year, the company generated a net profit before tax of £454,626 (2023 - £53,871).
This assessment has taken into account the company’s current financial position, including the continued benefit of the Coronavirus Business Interruption Loan Scheme (CBILS) facility, and the positive trajectory in revenue growth achieved through strategic diversification of its client base and expansion into non-airport related services.
The directors have considered various downside scenarios on the company's cashflow including potential delays in customer receipts and cost inflation. The director is satisfied that the company expects to maintain sufficient liquidity and covenant headroom under its existing financing arrangements.
Furthermore, the directors have considered the company’s operational resilience, access to funding, and the mitigating actions available should adverse conditions arise. No material uncertainties have been identified that would cast significant doubt on the company’s ability to continue as a going concern.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
G & H Engineering & Diving Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 machinery
20% reducing balance
Fixtures, fittings & equipment
10% 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
Stock
Stock 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 stock to their present location and condition.
Stock 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 stock 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.
1.6
Cash at bank and in hand
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.
G & H Engineering & Diving Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 5
1.7
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
G & H Engineering & Diving Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
G & H Engineering & Diving Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
39
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
627,107
Additions
54,941
Disposals
(36,750)
At 31 August 2024
645,298
Depreciation and impairment
At 1 September 2023
473,736
Depreciation charged in the year
40,014
Eliminated in respect of disposals
(30,785)
At 31 August 2024
482,965
Carrying amount
At 31 August 2024
162,333
At 31 August 2023
153,371
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
602,136
576,610
Gross amounts owed by contract customers
1,726,590
1,802,495
Other debtors
77,191
162,356
Prepayments and accrued income
2,999
4,009
2,408,916
2,545,470
G & H Engineering & Diving Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 8
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
424,163
777,255
Obligations under finance leases
24,527
42,810
Trade creditors
552,804
617,592
Corporation tax
125,325
38,284
Other taxation and social security
68,189
93,346
Other creditors
108,290
68,341
Accruals and deferred income
50,830
72,154
1,354,128
1,709,782
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
140,625
Other creditors
38,702
24,420
38,702
165,045
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Directors' transactions
Dividends totalling £72,000 (2023 - £75,000) were paid in the year in respect of shares held by the company's directors.