1 February 2022 false No description of principal activity Taxfiler 2023.10 SC312531business:PrivateLimitedCompanyLtd2022-02-012023-01-31 SC3125312022-01-31 SC3125312022-02-012023-01-31 SC312531business:AuditExemptWithAccountantsReport2022-02-012023-01-31 SC312531business:AbridgedAccounts2022-02-012023-01-31 SC3125312023-01-31 SC312531business:Director12022-02-012023-01-31 SC312531business:Director22022-02-012023-01-31 SC312531business:CompanySecretary12022-02-012023-01-31 SC312531business:RegisteredOffice2022-02-012023-01-31 SC3125312022-01-31 SC312531core:WithinOneYear2023-01-31 SC312531core:WithinOneYear2022-01-31 SC312531core:AfterOneYear2023-01-31 SC312531core:AfterOneYear2022-01-31 SC312531core:ShareCapitalcore:PreviouslyStatedAmount2023-01-31 SC312531core:ShareCapitalcore:PreviouslyStatedAmount2022-01-31 SC312531core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-01-31 SC312531core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-01-31 SC312531core:PreviouslyStatedAmount2023-01-31 SC312531core:PreviouslyStatedAmount2022-01-31 SC312531business:SmallEntities2022-02-012023-01-31 SC312531countries:Scotland2022-02-012023-01-31 SC312531core:PlantMachinery2022-02-012023-01-31 SC312531core:MotorVehicles2022-02-012023-01-31 SC312531core:FurnitureFittings2022-02-012023-01-31 SC3125312021-02-012022-01-31 iso4217:GBP xbrli:pure
Company Registration No. SC312531 (Scotland)
Optimum Underfloor Heating Limited Unaudited accounts for the year ended 31 January 2023
Optimum Underfloor Heating Limited Unaudited accounts Contents
Page
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Optimum Underfloor Heating Limited Company Information for the year ended 31 January 2023
Directors
R Haigh E Sutherland
Secretary
E Sutherland
Company Number
SC312531 (Scotland)
Registered Office
Loch Lann House, Fern Place Culloden Inverness IV2 7EZ
Accountants
CMM Accountancy (Inverness) Limited The Green House Beechwood Business Park North Inverness IV2 3BL
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Optimum Underfloor Heating Limited Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
16,036 
5,374 
Current assets
Inventories
87,752 
65,918 
Debtors
123,764 
108,019 
Cash at bank and in hand
455,001 
428,302 
666,517 
602,239 
Creditors: amounts falling due within one year
(191,881)
(220,393)
Net current assets
474,636 
381,846 
Total assets less current liabilities
490,672 
387,220 
Creditors: amounts falling due after more than one year
- 
(33,333)
Provisions for liabilities
Deferred tax
(3,473)
(599)
Net assets
487,199 
353,288 
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
487,179 
353,268 
Shareholders' funds
487,199 
353,288 
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by
R Haigh Director Company Registration No. SC312531
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Optimum Underfloor Heating Limited Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Optimum Underfloor Heating Limited is a private company, limited by shares, registered in Scotland, registration number SC312531. The registered office is Loch Lann House, Fern Place, Culloden, Inverness, IV2 7EZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
20 - 25% reducing balance
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Optimum Underfloor Heating Limited Notes to the Accounts for the year ended 31 January 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 February 2022
29,749 
Additions
16,131 
Disposals
(14,179)
At 31 January 2023
31,701 
Depreciation
At 1 February 2022
24,375 
Charge for the year
3,804 
On disposals
(12,514)
At 31 January 2023
15,665 
Net book value
At 31 January 2023
16,036 
At 31 January 2022
5,374 
5
Loans to directors
Included in other debtors is a loan to R Haigh for £1,988 (2022 - creditor). This loan is unsecured, interest free and has no fixed terms of repayment. Included in other debtors is a loan to E Sutherland for £1,987 (2022 - creditor). This loan is unsecured, interest free and has no fixed terms of repayment.
6
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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