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REGISTERED NUMBER: 03340467 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 November 2024

for

J D Geering's Plumbing & Heating Limited

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16 to 24


J D Geering's Plumbing & Heating Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: D Geering
D Nurthen





REGISTERED OFFICE: Unit 64 Riverside 3
Sir Thomas Longley Road
Medway City Trading Estate
Rochester
Kent
ME2 4BH





REGISTERED NUMBER: 03340467 (England and Wales)





AUDITORS: Henry Reeves & Co Limited
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Strategic Report
for the Year Ended 30 November 2024

REVIEW OF BUSINESS
The principal activity of the company remains and continues to be the supply, installation and testing/commissioning of mechanical services.

The company remains focused on new-build residential work, as has been the core target area for many years now. However, with the market having slowed-down and new development suffering delays over recent years, the company has extended it's offering to include sectors such as commercial, hotels and office fit-outs. Some of these schemes have been partially complete within the 2024 accounting period.

The company has always focused on mechanical (only) and found, over recent years, that the company was losing a number of projects to companies providing a combined package of mechanical and electrical. In 2023 and after consultation with a number of prospective clients, the shareholders and directors formed JD Geerings Electrical Limited (JDGE). JDGE is a standalone and independent company with directors in common with JD Geerings Plumbing & Heating Limited (JDGPH), as well as shareholders in common. This has enabled the company to offer a combined mechanical / electrical package. The benefits of which have started to flow in 2024 and a number of combined M&E projects have been partially completed within the accounting period. Feedback from clients has been very positive.

Despite a decrease in turnover, the company has returned to profitability in 2024. During the year, certain long-running fixed price lump sum contracts which were priced and commenced many years ago have come to a close, with new schemes commencing. Previously, suppliers had largely refrained from contract-fixed price agreements and insisted on supply at 'today's rates', meaning direct costs exceeded that originally anticipated. There is far more certainty and stability with current schemes. JD Geering's have 'de-risked' and taken a slightly different approach with specialist sub-contractors being engaged on a labour & material basis, contributing largely to the reduction in purchases. Running costs have reduced significantly, particularly staff costs, whereby we have streamlined in areas and also shared certain costs with JD Geering's Electrical. This has brought benefit in both the united offering and reduction in direct cost for each company.

The company continues to receive a high number of tender opportunities and continues to provide a high number of returns in both mechanical and electrical offerings. Several prospective clients have been in contact over recent time and JD Geerings are positive in widening their client base over coming months/years.

The company continues to work closely with new and existing suppliers to seek cost effective and readily available alternatives. There are several occasions where alternative and more competitively priced materials have been obtained and successfully installed.

Key performance indicators:
- Turnover: £9,223,340 (2023 £12,407,964)
- Gross profit percentage: 17.8% (2023 : 8.4%)
- Net/pre-tax profit percentage: 5.7% (2023 -3.5%)

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues with advanced forecasting and planning to mitigate risks. Risks are assessed on an ongoing basis, subject to regular Director review in conjunction with Senior Management. Below are some key risks and brief mitigation and management summary within:

COMPETITION
The market can be very competitive. Whilst the company competes with competitors of various sizes and capabilities, it ensures attractiveness by differentiating from competitors and offering quality in terms of pre-contract support and assistance, quality and reliability. The company secures a great deal of repeat business, many existing clients having been such for several years. Regular feedback and references are obtained. The company sees maintaining of existing relationships as paramount.

The company has seen a number of competitors cease trading over recent time and this has, in areas, resulted in an increased number of enquiries/opportunities.

LIQUIDITY

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Strategic Report
for the Year Ended 30 November 2024

There are various mechanisms implemented by the company to ensure management of assets and liabilities. The balance sheet will assist in demonstrating the position as positive.

REGULATION
The company regularly review and obtain specialist advice/consultation concerning regulatory changes and requirements, to ensure the company is in full compliance with such.

PRICE
The company regularly completes cost-comparisons to ensure materials are sourced at competitive rates. This, in turn, assists in enabling the company to produce a competitive offering on project tenders.

CREDIT
The company mitigates risk with credit, particularly with carrying out checks and establishing credit insurance against all key clients.

CASH FLOW
The company manages creditors and debtors effectively, with no bank debts, overdraft or loans in place.

FUTURE WORKS/DEVELOPMENTS
The company is positive concerning future works and developments. A high volume of tender enquiries has continued to be received from both existing and prospective clients.

ON BEHALF OF THE BOARD:





D Geering - Director


29 August 2025

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 is £268,577.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

D Geering
D Nurthen

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Henry Reeves & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Geering - Director


29 August 2025

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited

Opinion
We have audited the financial statements of J D Geering's Plumbing & Heating Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

a) Identification with management of significant laws and regulations relating to the company, and how the
company maintains compliance. The key laws and regulations we considered included FRS 102, the Companies Act 2006 along with tax, employment, data protection and health and safety legislation. Non-compliance with any key laws or regulations may be fundamental to the company's ability to operate or to avoid a material penalty.

b) Considering the competencies, independence, and integrity of individuals within the company to identify
and recognise non-compliance with laws and regulations.

c) Requesting management confirm and outline any instances of actual, suspected, or alleged fraud in the
year. This forms part of the company's representations to us.

d) Reviewing the company's internal control processes by way of substantive testing and journal entries
testing. The reasonable implementation of these processes would mitigate the likelihood of fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain
professional scepticism throughout the audit, we also:

o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the internal control.

o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.

o Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the company to cease to continue as a going concern.

o Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
J D Geering's Plumbing & Heating Limited


Use of our report
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 a Report of the Auditors 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.




Andrew Drinkwater FCCA (Senior Statutory Auditor)
for and on behalf of Henry Reeves & Co Limited
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

29 August 2025

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Income Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 9,223,340 12,407,964

Cost of sales 7,579,392 11,370,687
GROSS PROFIT 1,643,948 1,037,277

Administrative expenses 1,107,954 1,472,210
OPERATING PROFIT/(LOSS) 4 535,994 (434,933 )

Interest receivable and similar income 511 503
536,505 (434,430 )

Interest payable and similar expenses 5 5,183 1,484
PROFIT/(LOSS) BEFORE TAXATION 531,322 (435,914 )

Tax on profit/(loss) 6 25,233 3,719
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

506,089

(439,633

)

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Other Comprehensive Income
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 506,089 (439,633 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

506,089

(439,633

)

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 81,510 140,443

CURRENT ASSETS
Stocks 9 20,190 21,125
Debtors 10 6,312,524 5,058,289
Cash at bank and in hand 46,458 628,363
6,379,172 5,707,777
CREDITORS
Amounts falling due within one year 11 2,446,127 2,046,770
NET CURRENT ASSETS 3,933,045 3,661,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,014,555

3,801,450

CREDITORS
Amounts falling due after more than one
year

12

(57,296

)

(70,872

)

PROVISIONS FOR LIABILITIES 14 (3,974 ) (14,805 )
NET ASSETS 3,953,285 3,715,773

CAPITAL AND RESERVES
Called up share capital 15 1 1
Capital redemption reserve 16 50 50
Retained earnings 16 3,953,234 3,715,722
SHAREHOLDERS' FUNDS 3,953,285 3,715,773

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





D Geering - Director


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 1 4,389,683 50 4,389,734

Changes in equity
Dividends - (234,328 ) - (234,328 )
Total comprehensive income - (439,633 ) - (439,633 )
Balance at 30 November 2023 1 3,715,722 50 3,715,773

Changes in equity
Dividends - (268,577 ) - (268,577 )
Total comprehensive income - 506,089 - 506,089
Balance at 30 November 2024 1 3,953,234 50 3,953,285

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Cash Flow Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (282,869 ) 144,670
Interest paid (24 ) -
Interest element of finance lease
payments paid

(5,159

)

(1,484

)
Tax paid - (17 )
Net cash from operating activities (288,052 ) 143,169

Cash flows from investing activities
Purchase of tangible fixed assets - (18,274 )
Sale of tangible fixed assets 35,000 -
Interest received 511 503
Net cash from investing activities 35,511 (17,771 )

Cash flows from financing activities
Capital repayments in year (12,707 ) (13,199 )
Amount introduced by directors 110,000 117,411
Amount withdrawn by directors (158,080 ) (88,088 )
Equity dividends paid (268,577 ) (234,328 )
Net cash from financing activities (329,364 ) (218,204 )

Decrease in cash and cash equivalents (581,905 ) (92,806 )
Cash and cash equivalents at
beginning of year

2

628,363

721,169

Cash and cash equivalents at end of
year

2

46,458

628,363

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 531,322 (435,914 )
Depreciation charges 24,096 34,627
Profit on disposal of fixed assets (163 ) -
Finance costs 5,183 1,484
Finance income (511 ) (503 )
559,927 (400,306 )
Decrease in stocks 935 62,269
(Increase)/decrease in trade and other debtors (1,206,137 ) 2,593,769
Increase/(decrease) in trade and other creditors 362,406 (2,111,062 )
Cash generated from operations (282,869 ) 144,670

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30/11/24 1/12/23
£    £   
Cash and cash equivalents 46,458 628,363
Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 628,363 721,169


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/12/23 Cash flow At 30/11/24
£    £    £   
Net cash
Cash at bank and in hand 628,363 (581,905 ) 46,458
628,363 (581,905 ) 46,458
Debt
Finance leases (85,247 ) 12,707 (72,540 )
(85,247 ) 12,707 (72,540 )
Total 543,116 (569,198 ) (26,082 )

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

J D Geering's Plumbing & Heating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements in relation to specific accounting policies that have a material effect on the amounts recognised within these financial statements.

There are no key sources of estimation or key assumptions concerning the future that carry a significant risk of resulting in a material adjustment to the carrying amounts of any assets or liabilities within the next financial year.

It is the case, however, that the Company's income is derived from long-term construction contracts for which the Company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of goods and services supplied by the Company, net of value added tax and trade discounts.

Turnover is derived from long-term contracts. Turnover in respect of rendering of these services is recognised with reference to the stage of completion of the contract. Stage of completion is measured by the value of work completed by the end of the financial year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 33% on cost and 20% on reducing balance

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 656,330 910,426
Social security costs 63,109 81,710
Other pension costs 13,986 119,323
733,425 1,111,459

The average number of employees during the year was as follows:
2024 2023

Administration 13 14
Tradesmen 9 14
22 28

2024 2023
£    £   
Directors' remuneration 24,792 22,500
Directors' pension contributions to money purchase schemes - 50,000

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 4,800 4,715
Other operating leases 77,787 69,697
Depreciation - owned assets 5,245 15,776
Depreciation - assets on finance leases 18,851 18,851
Profit on disposal of fixed assets (163 ) -
Foreign exchange differences 50 -
Auditors Remuneration - Fees payable to the company's auditors for
the audit of the company's financial statements

7,000

7,000
Auditors Remuneration - Other non-audit services 25,240 24,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 24 -
Leasing 5,159 1,484
5,183 1,484

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 36,065 -

Deferred tax (10,832 ) 3,719
Tax on profit/(loss) 25,233 3,719

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 531,322 (435,914 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 25%)

132,831

(108,979

)

Effects of:
Expenses not deductible for tax purposes 14,615 12,067
Depreciation in excess of capital allowances 1,717 4,068
Utilisation of tax losses (113,098 ) -
year
Deferred tax (10,832 ) 3,719

Surrendered as group relief - 5,326
Losses carried forward - 87,518
Total tax charge 25,233 3,719

7. DIVIDENDS
2024 2023
£    £   
Ordinary share of £1
Final 268,577 234,328

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 95,257 170,313 265,570
Disposals (14,369 ) (65,995 ) (80,364 )
At 30 November 2024 80,888 104,318 185,206
DEPRECIATION
At 1 December 2023 73,871 51,256 125,127
Charge for year 5,085 19,011 24,096
Eliminated on disposal (13,321 ) (32,206 ) (45,527 )
At 30 November 2024 65,635 38,061 103,696
NET BOOK VALUE
At 30 November 2024 15,253 66,257 81,510
At 30 November 2023 21,386 119,057 140,443

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 December 2023
and 30 November 2024 103,318
DEPRECIATION
At 1 December 2023 18,851
Charge for year 18,851
At 30 November 2024 37,702
NET BOOK VALUE
At 30 November 2024 65,616
At 30 November 2023 84,467

9. STOCKS
2024 2023
£    £   
Stocks 20,190 21,125

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,476,579 1,307,593
Amounts owed by group undertakings 459,256 564,428
Amounts recoverable on contract 1,791,785 854,163
Other debtors 2,105,120 1,970,626
Directors' loan accounts 409,559 361,479
VAT 62,945 -
Prepayments 7,280 -
6,312,524 5,058,289

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 13) 15,244 14,375
Payments on account 5,911 57,057
Trade creditors 1,687,771 1,728,053
Tax 36,065 (17 )
Social security and other taxes 32,096 20,985
VAT - 369
Other creditors 348,797 70,270
Accrued expenses 320,243 155,678
2,446,127 2,046,770

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases (see note 13) 57,296 70,872

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 15,244 14,375
Between one and five years 57,296 70,872
72,540 85,247

Non-cancellable operating leases
2024 2023
£    £   
Within one year 85,258 84,250
Between one and five years 47,887 72,329
133,145 156,579

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,974 14,805

Deferred
tax
£   
Balance at 1 December 2023 14,805
Provided during year (10,831 )
Balance at 30 November 2024 3,974

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

Ordinary shares; are entitled to one vote per share, have the right to participate in dividends, have the right to participate in capital on a winding up, not liable to be redeemed.

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 3,715,722 50 3,715,772
Profit for the year 506,089 506,089
Dividends (268,577 ) (268,577 )
At 30 November 2024 3,953,234 50 3,953,284

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
D Geering
Balance outstanding at start of year (361,479 ) (390,801 )
Amounts advanced (158,080 ) (88,089 )
Amounts repaid 110,000 117,411
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (409,559 ) (361,479 )

The above loan is included within other debtors and is unsecured, interest free and repayable on demand.

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

18. RELATED PARTY DISCLOSURES

Included in other debtors is £459,256 (2023 : £564,428) due from Geering's Holdings Limited, the parent company.This amount is unsecured, interest free and repayable on demand.

Included in turnover is an amount of £482 (2023 : £1,177) in relation to services provided to Geering's Holdings Limited.

During the year the company loaned G & N Property Developments Limited £87,308 (2023 : £76,497) and G & N Property Developments Limited repaid £150,000 (2023 : £100,000). Included within debtors is £1,948,353 (2023 : £1,811,901) due from G&N Property Developments Limited, a company also owned by D Geering and D Nurthen. This amount is unsecured, interest free and repayable on demand.

Included in turnover is an amount of £152,836 (2023 : £64,047) in relation to services provided to G & N Property Developments Limited.

Included in other debtors is £19,862 (2023 : £11,182) due from The J D Geerings Directors Pension Scheme, in which D Geering and D Nurthen are the trustees. This amount is unsecured, interest free and repayable on demand.

Included in debtors is £Nil (2023 : £466) due from Spray Decorating Ltd, a company controlled by the daughter of the ultimate controlling party.

Included in administration expenses is an amount of £2,024 (2023 : £3,105) in relation to costs recharged to Spray Decorating Ltd.

During the year the company loaned NSG Services Limited £1,000 (2023 : £10,200). Included within other debtors is £11,200 (2023 : £10,200) due from NSG Services Limited, a company under common control. This amount is unsecured, interest free and repayable on demand.

Included in turnover is an amount of £48,146 (2023 : £20,203) in relation to management charges to J D Geering's Electrical Limited, a company with key management personnel in common. At the year end an amount of £7,607 (2023 : £Nil) is included in debtors due from J D Geering's Electrical Limited.

Included in cost of sales is an amount of £1,196,784 (2023 : £34,561) in relation to services provided by J D Geering's Electrical to the company. At the year end, an amount of £314,696 (2023 £42,322) is included in creditors due to J D Geering's Electrical Limited.

Included in other debtors is an amount of £26,000 due from the daughter of a director. This amount is unsecured, interest free, and repayable on demand.


Key Management Personnel

Key management personnel consists solely of the Directors. The Directors receive salaries, benefits in kind and pension contributions.


19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Geering.

20. IMMEDIATE PARENT COMPANY

The immediate parent company is Geering's Holdings Limited which owns 100% of the share capital.

J D Geering's Plumbing & Heating Limited (Registered number: 03340467)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

21. RESTATEMENT OF PRIOR YEAR

The prior year's comparative figures have been restated for presentational purposes to split the work in progress figure on the balance sheet into it's component parts of stock, amounts recoverable on contracts, amounts due on contracts and subcontractor accruals. The corresponding movement in accrued income from 2022 to 2023 has then also been reallocated from cost of sales to sales. This has no impact on the gross profit or net asset position and has been summarised below:

Revised 2023 Original 2023 Movement
Sales 12,407,964 14,676,098 (2,268,134 )
Cost of Sales 11,370,687 13,638,821 2,268,134
Gross Profit 1,037,277 1,037,277 -

Stock / Work in Progress 21,125 703,730 (682,605 )
Amounts recoverable on contracts 854,163 - 854.163
Amounts due on contracts (57,057 ) - (57,057 )
Accruals - Subcontractors (114,501 ) - (114,501 )

703,730 703,730 -