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Registration number: 02530834

G & D Higgins Mechanical Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

G & D Higgins Mechanical Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

G & D Higgins Mechanical Services Ltd

Company Information

Directors

Mrs Linda Rose Higgins

Mr David Higgins

Company secretary

Mr David Higgins

Registered office

MG Group
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited 166 College Road
Harrow
Middlesex
HA1 1BH

 

G & D Higgins Mechanical Services Ltd

(Registration number: 02530834)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

496,509

505,711

Current assets

 

Stocks

6

1,103,462

1,185,359

Debtors

7

733,320

631,446

Cash at bank and in hand

 

101,813

108,974

 

1,938,595

1,925,779

Creditors: Amounts falling due within one year

8

(1,071,474)

(859,566)

Net current assets

 

867,121

1,066,213

Total assets less current liabilities

 

1,363,630

1,571,924

Creditors: Amounts falling due after more than one year

8

(26,689)

(7,578)

Provisions for liabilities

(63,034)

(63,694)

Net assets

 

1,273,907

1,500,652

Capital and reserves

 

Called up share capital

12

100

100

Revaluation reserve

263,412

263,412

Retained earnings

1,010,395

1,237,140

Shareholders' funds

 

1,273,907

1,500,652

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.


 

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 July 2025 and signed on its behalf by:
 

 

G & D Higgins Mechanical Services Ltd

(Registration number: 02530834)
Balance Sheet as at 31 October 2024

.........................................
Mr David Higgins
Company secretary and director

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
MG Group
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the Board on 18 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Going concern

The Directors have carefully considered the impact of existing trade conditions on the company's financial position, liquidity and future performance and irrespective of the problems that may have been caused by the existing trade conditions, as set out in the Director's Report, the Directors believe that it is well places to manage its business risks successfully. Where further resources are required, the directors are prepared to provide these.

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

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..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% on cost

Motor Vehicles

20% Straight Line Method

Office Equipment

Straight Line for 3 years

Furniture and Fittings

10% or 33.33% Straight Line


Impairment of Fixed Assets:

At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments to determine whether there is any indication that thoe 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 30).

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Pension and other schemes

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
 

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

467,111

61,292

17,962

217,555

763,920

Additions

-

-

-

23,486

23,486

At 31 October 2024

467,111

61,292

17,962

241,041

787,406

Depreciation

At 1 November 2023

42,960

61,054

17,956

136,239

258,209

Charge for the year

4,842

172

-

27,674

32,688

At 31 October 2024

47,802

61,226

17,956

163,913

290,897

Carrying amount

At 31 October 2024

419,309

66

6

77,128

496,509

At 31 October 2023

424,151

238

6

81,316

505,711

6

Stocks

2024
£

2023
£

Work in progress

993,362

1,097,234

Other inventories

110,100

88,125

1,103,462

1,185,359

There is no material difference between the replacement cost of stocks and their balance sheet amounts.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

686,764

533,085

Amounts owed by related parties

11

28,827

80,043

Prepayments

 

17,725

18,318

Other debtors

 

4

-

   

733,320

631,446

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

376,317

322,835

Trade creditors

 

494,849

351,422

Taxation and social security

 

131,265

113,788

Accruals and deferred income

 

65,571

68,911

Other creditors

 

3,472

2,610

 

1,071,474

859,566

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,689

7,578

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

18,123

7,578

HP and finance lease liability 1 (2-5 yrs)

8,566

-

26,689

7,578

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

354,464

310,218

HP and finance lease liability 1 (under 1yr)

21,853

12,617

376,317

322,835

The hire purchase agreements are secured on the assets acquired.

The bank overdraft is secured on the land and buildings owned by the company.

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 822.00 (2023 - 1,410.00) per each Ordinary Shares

82,200

141,000

 

 

11

Related party transactions

Directors Emoluments

The directors' emoluments for the year was as follows:

2024
£

2023
£

Remuneration

35,833

40,000

Benefits in Kind

27,087

-

62,920

40,000

Summary of transactions with all entities with joint control or significant interest

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

80,043

80,043

Advanced

7,603

7,603

Repaid

(8,820)

(8,820)

At end of period

78,826

78,826

2023

Entities with joint control or significant influence
£

Total
£

At start of period

96,208

96,208

Repaid

(16,165)

(16,165)

At end of period

80,043

80,043

Loans from related parties

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2024

Entities with joint control or significant influence
£

Total
£

Advanced

50,000

50,000

At end of period

50,000

50,000

 

G & D Higgins Mechanical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100