REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 November 2022 |
for |
J D Geering's Plumbing & Heating Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 November 2022 |
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 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 3 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 | to | 20 |
J D Geering's Plumbing & Heating Limited |
Company Information |
for the Year Ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 2022 |
The directors present their strategic report for the year ended 30 November 2022. |
REVIEW OF BUSINESS |
The principle activity of the company remains and continues to be the supply, installation and testing/commissioning of mechanical services. Services offered cover demands in both domestic and commercial sections, with the vast majority of business and revenue coming via new-build residential/dwellings. |
With some of the delayed projects from 2021 having filtered through, revenue increased in 2022 by over 25% compared against 2021 and gross profit increased by 3%. |
The company continues to receive a high number of tender opportunities and continues to provide a high number of returns. Several prospective clients have been in contact over recent time and JD Geerings are positive in widening their client base over coming months/years. |
With material price increases and limited availability in areas, the company has worked 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: 2022 £10,509,425 (2021 - £8,274,842) |
- Gross profit percentage: 2022 15.58% (2021 - 11.98%) |
- Net/pre-tax profit percentage: 2022 (2.45%) (2021 - (5.81%)) |
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 |
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. |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Strategic Report |
for the Year Ended 30 November 2022 |
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: |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Report of the Directors |
for the Year Ended 30 November 2022 |
The directors present their report with the financial statements of the company for the year ended 30 November 2022. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 November 2022 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2021 to the date of this report. |
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, Charcroft Baker LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
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 2022 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 2022 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 four, 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: |
Extent to which the audit was considered capable of detecting irregularities, including fraud. |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having enquired into the policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud was in relation to revenue recognition, work in progress calculations and the safe guarding of assets. We are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included FRS102, the UK Companies Act and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with laws and regulations concerned with UK government COVID-19 support schemes and data protection laws (Including UK GDPR). |
Audit response to risks identified |
As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of irregularity including fraud. We assessed the company's policy for recognising revenue in accordance with FRS102. We substantively tested the source data and challenged assumptions used to recognise revenue ensuring consistent treatment. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
Report of the Independent Auditors to the Members of |
J D Geering's Plumbing & Heating Limited |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the 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. |
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. |
for and on behalf of |
Statutory Auditors |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Income Statement |
for the Year Ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
276,467 | (606,161 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest receivable and similar income |
277,592 | (480,729 | ) |
Amounts written off investments | 5 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 6 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Other Comprehensive Income |
for the Year Ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Balance Sheet |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Statement of Changes in Equity |
for the Year Ended 30 November 2022 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2020 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Cash Flow Statement |
for the Year Ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (20,600 | ) | - |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 120,145 | 454,856 |
Amount withdrawn by directors | (84,280 | ) | (426,667 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,421,065 |
Cash and cash equivalents at end of year |
2 |
721,169 |
1,021,656 |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Cash Flow Statement |
for the Year Ended 30 November 2022 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Finance income | (1,125 | ) | (1,687 | ) |
271,797 | (454,661 | ) |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) | ( |
) |
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 2022 |
30/11/22 | 1/12/21 |
£ | £ |
Cash and cash equivalents | 721,169 | 1,021,656 |
Year ended 30 November 2021 |
30/11/21 | 1/12/20 |
£ | £ |
Cash and cash equivalents | 1,021,656 | 2,421,065 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/12/21 | Cash flow | At 30/11/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,021,656 | (300,487 | ) | 721,169 |
1,021,656 | ( |
) | 721,169 |
Total | 1,021,656 | (300,487 | ) | 721,169 |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Financial Statements |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
J D Geering's Plumbing & Heating Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 2022 |
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 |
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 |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration | 13 | 14 |
Tradesmen | 16 | 16 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2021 - operating loss) is stated after charging: |
2022 | 2021 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors remuneration |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2022 | 2021 |
£ | £ |
Amounts written off |
investments |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) 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: |
2022 | 2021 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Deferred tax | ( |
) |
Surrendered as group relief |
Losses carried forward |
Total tax charge/(credit) | 7,444 | (664 | ) |
7. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary share of £1 |
Final |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
8. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2021 |
Additions |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
9. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
2022 | 2021 |
£ | £ |
Investment in Crypto assets | 20,600 | - |
Movement on Crypto investment | (20,600 | ) | - |
- | - |
10. | STOCKS |
2022 | 2021 |
£ | £ |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 390,802 | 426,667 |
VAT |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 11,086 | 3,643 |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Charge to Income Statement during year |
Balance at 30 November 2022 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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. |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2021 | 4,329,268 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2022 | 4,389,733 |
J D Geering's Plumbing & Heating Limited (Registered number: 03340467) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The above loan is included within other debtors and is unsecured, interest free and repayable on demand. |
18. | RELATED PARTY DISCLOSURES |
Included in other debtors is £503,251 (2021 : £543,279 ) due from Geering's Holdings Limited, the parent company.This amount is unsecured, interest free and repayable on demand. |
During the year the company loaned G & N Property Developments Limited £334,381 (2021: £1,501,023). Included within debtors is £1,835,404 (2021 : £1,501,023) 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 £286,438 (2021 : £989,466) in relation to services provided to G & N Property Developments Limited. |
Included within other debtors is £11,182 (2021 : £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. |
Key Management Personnel |
Key management personnel consists solely of the Directors. The Directors receive salaries, benefits in kind, pension contributions and dividends. |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
20. | IMMEDIATE PARENT COMPANY |
The immediate parent company is Geering's Holdings Limited which owns 100% of the share capital. |