4 false false false false false false false false false true false false false false false false No description of principal activity 2021-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC598838 2021-07-01 2022-06-30 SC598838 2022-06-30 SC598838 2021-06-30 SC598838 2020-07-01 2021-06-30 SC598838 2021-06-30 SC598838 core:PlantMachinery 2021-07-01 2022-06-30 SC598838 core:FurnitureFittings 2021-07-01 2022-06-30 SC598838 core:MotorVehicles 2021-07-01 2022-06-30 SC598838 bus:Director1 2021-07-01 2022-06-30 SC598838 core:PlantMachinery 2021-06-30 SC598838 core:FurnitureFittings 2021-06-30 SC598838 core:MotorVehicles 2021-06-30 SC598838 core:LandBuildings 2022-06-30 SC598838 core:PlantMachinery 2022-06-30 SC598838 core:FurnitureFittings 2022-06-30 SC598838 core:MotorVehicles 2022-06-30 SC598838 core:LandBuildings 2021-07-01 2022-06-30 SC598838 core:WithinOneYear 2022-06-30 SC598838 core:WithinOneYear 2021-06-30 SC598838 core:AfterOneYear 2022-06-30 SC598838 core:AfterOneYear 2021-06-30 SC598838 core:ShareCapital 2022-06-30 SC598838 core:ShareCapital 2021-06-30 SC598838 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC598838 core:RetainedEarningsAccumulatedLosses 2021-06-30 SC598838 core:PlantMachinery 2021-06-30 SC598838 core:FurnitureFittings 2021-06-30 SC598838 core:MotorVehicles 2021-06-30 SC598838 bus:Director1 2021-06-30 SC598838 bus:Director1 2022-06-30 SC598838 bus:Director1 2020-06-30 SC598838 bus:Director1 2021-06-30 SC598838 bus:Director1 2020-07-01 2021-06-30 SC598838 bus:SmallEntities 2021-07-01 2022-06-30 SC598838 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 SC598838 bus:FullAccounts 2021-07-01 2022-06-30 SC598838 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 SC598838 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30
COMPANY REGISTRATION NUMBER: SC598838
Clydeway Heating & Cooling Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2022
Clydeway Heating & Cooling Limited
Financial Statements
Year ended 30 June 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Clydeway Heating & Cooling Limited
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
38,526
47,785
Current assets
Stocks
1,240
1,240
Debtors
6
167,648
74,262
Cash at bank and in hand
10,613
39,239
---------
---------
179,501
114,741
Creditors: amounts falling due within one year
7
145,250
90,246
---------
---------
Net current assets
34,251
24,495
--------
--------
Total assets less current liabilities
72,777
72,280
Creditors: amounts falling due after more than one year
8
26,554
42,780
--------
--------
Net assets
46,223
29,500
--------
--------
Clydeway Heating & Cooling Limited
Statement of Financial Position (continued)
30 June 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
46,123
29,400
--------
--------
Shareholders funds
46,223
29,500
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr I A McInnes
Director
Company registration number: SC598838
Clydeway Heating & Cooling Limited
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4 Quinton Gardens, Baillieston, Glasgow, G69 6LH, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% reducing balance
Furniture & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2021
7,490
163
67,925
75,578
Additions
3,000
3,000
Disposals
( 1,833)
( 1,833)
-------
-------
----
--------
--------
At 30 June 2022
3,000
7,490
163
66,092
76,745
-------
-------
----
--------
--------
Depreciation
At 1 July 2021
2,381
40
25,372
27,793
Charge for the year
1,022
18
10,638
11,678
Disposals
( 1,252)
( 1,252)
-------
-------
----
--------
--------
At 30 June 2022
2,151
58
36,010
38,219
-------
-------
----
--------
--------
Carrying amount
At 30 June 2022
3,000
5,339
105
30,082
38,526
-------
-------
----
--------
--------
At 30 June 2021
5,109
123
42,553
47,785
-------
-------
----
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
107,630
19,888
Other debtors
60,018
54,374
---------
--------
167,648
74,262
---------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
5,000
4,583
Trade creditors
52,903
18,348
Corporation tax
66,188
42,928
Social security and other taxes
2,899
1,229
Other creditors
18,260
23,158
---------
--------
145,250
90,246
---------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
15,417
20,417
Other creditors
11,137
22,363
--------
--------
26,554
42,780
--------
--------
9. Charges on assets
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £23,325 (2021 - £33,242).
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr I A McInnes
( 8,980)
116,570
( 108,000)
( 410)
-------
---------
---------
----
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr I A McInnes
( 19,845)
126,865
( 116,000)
( 8,980)
--------
---------
---------
-------
No interest is chargeable on this balance and the loan is repayable on demand.