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Company registration number:
09898147
Mindas Heating Ltd
Unaudited Financial Statements for the year ended
31 December 2021
BURTON BANDINI LTD
30a High Street, Stony Stratford, MILTON KEYNES, MK11 1AF, United Kingdom
Mindas Heating Ltd
Officers and Professional Advisers
Year ended
31 December 2021
Director
MR Mindas Sautilas
Registered office
30A HIGH STREET
STONY STRATFORD
MILTON KEYNES
BUCKINGHAMSHIRE
MK11 1AF
United Kingdom
Accountant
BURTON BANDINI LTD
30a High Street
Stony Stratford
MILTON KEYNES
MK11 1AF
United Kingdom
Mindas Heating Ltd
Director's Report
Year ended
31 December 2021
The director presents the report and the unaudited
financial statements
of the company for the year ended 31 December 2021.

Directors

The director who served the company during the year was as follows:
MR Mindas Sautilas

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
14 September 2022
and signed on behalf of the board by:
MR Mindas Sautilas
Director
Mindas Heating Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Mindas Heating Ltd
Year ended
31 December 2021
As described on the statement of financial position, the Board of Directors of
Mindas Heating Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2021
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
BURTON BANDINI LTD
30a High Street
Stony Stratford
MILTON KEYNES
MK11 1AF
United Kingdom
Mindas Heating Ltd
Income Statement
Year ended
31 December 2021
20212020
££
Turnover
227,298
 
183,173
 
Cost of sales
(117,613
) (97,220 )
Gross profit
109,685
 
85,953
 
Administrative expenses
(65,055
)
(56,238
)
Operating profit
44,630
 
29,715
 
Interest payable and similar expenses
(1,406
)
(1,296
)
Profit before tax
43,224
 
28,419
 
Tax on profit
(4,197
)
(6,242
)
Profit for the financial year
39,027
 
22,177
 
The company has no other recognised items of income or expense other than the results for the year as set out above.
Mindas Heating Ltd
Statement of Financial Position
31 December 2021
20212020
Note££
Fixed assets    
Tangible assets 5
29,816
 
8,394
 
Current assets    
Stocks
40,000
 
26,000
 
Debtors 6
7,923
 
1,346
 
Cash at bank and in hand
2,364
 
25,729
 
50,287
 
53,075
 
Creditors: amounts falling due within one year 7
(33,670
)
(24,755
)
Net current assets
16,617
 
28,320
 
Total assets less current liabilities 46,433   36,714  
Creditors: amounts falling due after more than one year 8
(45,971
)
(36,280
)
Net assets
462
 
434
 
Capital and reserves    
Called up share capital
2
 
1
 
Profit and loss account
460
 
433
 
Shareholders funds
462
 
434
 
For the year ending
31 December 2021
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
financial statements
were approved by the board of directors and authorised for issue on
14 September 2022
, and are signed on behalf of the board by:
MR Mindas Sautilas
Director
Company registration number:
09898147
Mindas Heating Ltd
Statement of Changes in Equity
Year ended
31 December 2021
Called up share capitalProfit and loss accountTotal
£££
At 1 January 2020 (as previously reported)
1
 
55
 
56
 
Prior period adjustments -  
1
 
1
 
At 1 January 2020 (restated)
1
 
56
 
57
 
Profit for the year- 22,177 22,177 
Total comprehensive income for the year- 
22,177
 
22,177
 
Dividends declared and paid or payable during the year- 
(21,800
)
(21,800
)
Total investments by and distributions to owners- 
(21,800
)
(21,800
)
At 31 December 2020 and 
1 January 2021
1
 
433
 
434
 
Profit for the year- 39,027 39,027 
Total comprehensive income for the year- 
39,027
 
39,027
 
Issue of shares
1
 - 
1
 
Dividends declared and paid or payable during the year- 
(39,000
)
(39,000
)
Total investments by and distributions to owners
1
 
(39,000
)
(38,999
)
At
31 December 2021
2
 
460
 
462
 
Mindas Heating Ltd
Notes to the Financial Statements
Year ended
31 December 2021

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
30A HIGH STREET
,
STONY STRATFORD
,
MILTON KEYNES
,
BUCKINGHAMSHIRE
,
MK11 1AF
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2020:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2021
21,190
 
Additions
27,295
 
At
31 December 2021
48,485
 
Depreciation  
At
1 January 2021
12,796
 
Charge
5,873
 
At
31 December 2021
18,669
 
Carrying amount  
At
31 December 2021
29,816
 
At 31 December 2020
8,394
 

6 Debtors

20212020
££
Trade debtors
7,923
 
1,346
 

7 Creditors: amounts falling due within one year

20212020
££
Trade creditors
21,869
 
16,167
 
Taxation and social security
12,470
 
13,732
 
Other creditors
(669
)
(5,144
)
33,670
 
24,755
 

8 Creditors: amounts falling due after more than one year

20212020
££
Bank loans and overdrafts
45,971
 
36,280