Registration number:
G & D Higgins Mechanical Services Ltd
for the Year Ended 31 October 2024
G & D Higgins Mechanical Services Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
G & D Higgins Mechanical Services Ltd
Company Information
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Directors |
Mrs Linda Rose Higgins Mr David Higgins |
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Company secretary |
Mr David Higgins |
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Registered office |
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Accountants |
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G & D Higgins Mechanical Services Ltd
(Registration number: 02530834)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
263,412 |
263,412 |
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Retained earnings |
1,010,395 |
1,237,140 |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
G & D Higgins Mechanical Services Ltd
(Registration number: 02530834)
Balance Sheet as at 31 October 2024
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G & D Higgins Mechanical Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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:
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Asset class |
Depreciation method and rate |
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Buildings |
2% on cost |
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Motor Vehicles |
20% Straight Line Method |
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Office Equipment |
Straight Line for 3 years |
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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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
G & D Higgins Mechanical Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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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.
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Tangible assets |
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Land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
- |
- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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- |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Other inventories |
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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
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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- |
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G & D Higgins Mechanical Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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HP and finance lease liability 1 (1-2 yrs) |
18,123 |
7,578 |
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HP and finance lease liability 1 (2-5 yrs) |
8,566 |
- |
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Current loans and borrowings
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2024 |
2023 |
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Bank overdrafts |
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HP and finance lease liability 1 (under 1yr) |
21,853 |
12,617 |
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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
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Dividends |
Interim dividends paid
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2024 |
2023 |
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Interim dividend of 822.00 (2023 - 1,410.00) per each Ordinary Shares |
82,200 |
141,000 |
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Related party transactions |
Directors Emoluments
The directors' emoluments for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Benefits in Kind |
27,087 |
- |
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62,920 |
40,000 |
Summary of transactions with all entities with joint control or significant interest
Loans to related parties
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2024 |
Entities with joint control or significant influence |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2023 |
Entities with joint control or significant influence |
Total |
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At start of period |
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Repaid |
( |
( |
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At end of period |
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Loans from related parties
G & D Higgins Mechanical Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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2024 |
Entities with joint control or significant influence |
Total |
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Advanced |
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At end of period |
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G & D Higgins Mechanical Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |