Company registration number 13409239 (England and Wales)
HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
31 December 2022
31 May 2022
Notes
£
£
£
£
Current assets
Debtors
4
87,659
196,956
Creditors: amounts falling due within one year
5
(48,000)
(181,130)
Net current assets
39,659
15,826
Reserves
Income and expenditure account
39,659
15,826
Members' funds
39,659
15,826

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial Period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 September 2023 and are signed on its behalf by:
Mr C M Dolan
Director
Company Registration No. 13409239
HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Heat Pump Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Waltham Court, Milley Lane, Hare Hatch, Reading, Berkshire, RG10 9TH.

1.1
Reporting period

The company was incorporated on 19 May 2021 and commenced trading on 1 January 2022, The current year figures are for period 1 June 2022 to 31 December 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents subscription and fees charged to the members net of VAT and other related taxes. The fees takes into account discounts applicable to certain members.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2022
2022
Number
Number
Total
2
2
4
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
20,000
104,950
Other debtors
67,659
92,006
87,659
196,956
HEAT PUMP ASSOCIATION LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
4
Debtors
(Continued)
- 4 -

Other debtors include £57,537, amounts held by Federation of Environmental Trade Associations Ltd on behalf of the company

5
Creditors: amounts falling due within one year
2022
2022
£
£
Trade creditors
15,000
15,577
Taxation and social security
-
0
23,610
Other creditors
33,000
141,943
48,000
181,130
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

2022-12-312022-06-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr P S HurleyMr G C WrightMr C M Dolan134092392022-06-012022-12-31134092392022-12-31134092392022-05-3113409239core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113409239core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3113409239core:CurrentFinancialInstruments2022-12-3113409239core:CurrentFinancialInstruments2022-05-3113409239core:RetainedEarningsAccumulatedLosses2022-12-3113409239core:RetainedEarningsAccumulatedLosses2022-05-3113409239bus:Director32022-06-012022-12-31134092392021-05-192022-05-3113409239core:WithinOneYear2022-12-3113409239core:WithinOneYear2022-05-3113409239bus:CompanyLimitedByGuarantee2022-06-012022-12-3113409239bus:SmallCompaniesRegimeForAccounts2022-06-012022-12-3113409239bus:FRS1022022-06-012022-12-3113409239bus:AuditExemptWithAccountantsReport2022-06-012022-12-3113409239bus:Director12022-06-012022-12-3113409239bus:Director22022-06-012022-12-3113409239bus:FullAccounts2022-06-012022-12-31xbrli:purexbrli:sharesiso4217:GBP