5 false false false false false false false false false true false false false false false false 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01353017 2022-04-01 2023-03-31 01353017 2023-03-31 01353017 2022-03-31 01353017 2021-04-01 2022-03-31 01353017 2022-03-31 01353017 core:PlantMachinery 2022-04-01 2023-03-31 01353017 core:MotorVehicles 2022-04-01 2023-03-31 01353017 bus:Director4 2022-04-01 2023-03-31 01353017 core:PlantMachinery 2022-03-31 01353017 core:MotorVehicles 2022-03-31 01353017 core:PlantMachinery 2023-03-31 01353017 core:MotorVehicles 2023-03-31 01353017 core:WithinOneYear 2023-03-31 01353017 core:WithinOneYear 2022-03-31 01353017 core:AfterOneYear 2023-03-31 01353017 core:AfterOneYear 2022-03-31 01353017 core:ShareCapital 2023-03-31 01353017 core:ShareCapital 2022-03-31 01353017 core:RetainedEarningsAccumulatedLosses 2023-03-31 01353017 core:RetainedEarningsAccumulatedLosses 2022-03-31 01353017 core:PlantMachinery 2022-03-31 01353017 core:MotorVehicles 2022-03-31 01353017 bus:SmallEntities 2022-04-01 2023-03-31 01353017 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01353017 bus:FullAccounts 2022-04-01 2023-03-31 01353017 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01353017 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01353017 core:AfterOneYear 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 01353017
Derek Austin Heating Limited
Unaudited financial statements
31 March 2023
Derek Austin Heating Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
90,534
50,152
Current assets
Stocks
1,145
1,207
Debtors
6
102,886
147,293
Cash at bank and in hand
98,850
60,949
---------
---------
202,881
209,449
Creditors: Amounts falling due within one year
7
( 94,573)
( 96,898)
---------
---------
Net current assets
108,308
112,551
---------
---------
Total assets less current liabilities
198,842
162,703
Creditors: Amounts falling due after more than one year
8
( 79,639)
( 60,712)
Provisions
Taxation including deferred tax
( 22,614)
( 9,529)
---------
---------
Net assets
96,589
92,462
---------
---------
Capital and reserves
Called up share capital
500
500
Profit and loss account
96,089
91,962
-------
-------
Shareholders funds
96,589
92,462
-------
-------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Derek Austin Heating Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 November 2023 , and are signed on behalf of the board by:
A Wilding
Director
Company registration number: 01353017
Derek Austin Heating Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the company is 3 Woodside Business Park, Thetford Road, Ingham, Suffolk, IP31 1NR.
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.
Income tax
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 Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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 it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 5 (2022: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
6,938
123,392
130,330
Additions
1,222
57,435
58,657
Disposals
( 40,999)
( 40,999)
------
---------
---------
At 31 March 2023
8,160
139,828
147,988
------
---------
---------
Depreciation
At 1 April 2022
3,343
76,835
80,178
Charge for the year
1,165
13,684
14,849
Disposals
( 37,573)
( 37,573)
------
---------
---------
At 31 March 2023
4,508
52,946
57,454
------
---------
---------
Carrying amount
At 31 March 2023
3,652
86,882
90,534
------
---------
---------
At 31 March 2022
3,595
46,557
50,152
------
---------
---------
Included within tangible assets are assets with a carrying value of £85,458 (2022: £40,247) held under hire purchase agreements.
6. Debtors
2023
2022
£
£
Trade debtors
66,082
139,528
Other debtors
36,804
7,765
---------
---------
102,886
147,293
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,062
12,291
Trade creditors
20,260
27,860
Social security and other taxes
7,365
39,777
Other creditors
22,886
16,970
-------
-------
94,573
96,898
-------
-------
Obligations under hire purchase agreements of £12,005 (2022: £6,643) are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,274
32,387
Other creditors
56,365
28,325
-------
-------
79,639
60,712
-------
-------
Obligations under hire purchase agreements of £56,365 (2022: £28,325) are secured on the assets concerned.
9. Directors' advances, credits and guarantees
Included within debtors at the year end are directors' loan accounts totalling £Nil (2022: £Nil). The maximum overdrawn balance during the year was £59,433. During the year interest of £463 was charged at the official rate.