Registered number
04592257
Heating Company (Cambridge) Limited
Filleted Accounts
31 March 2023
Heating Company (Cambridge) Limited
Registered number: 04592257
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 129,768 70,392
Current assets
Stocks 8,066 4,998
Debtors 4 95,722 35,962
Cash at bank and in hand 64,009 77,950
167,797 118,910
Creditors: amounts falling due within one year 5 (93,759) (74,392)
Net current assets 74,038 44,518
Total assets less current liabilities 203,806 114,910
Creditors: amounts falling due after more than one year 6 (81,652) (37,682)
Provisions for liabilities - (2,112)
Net assets 122,154 75,116
Capital and reserves
Called up share capital 2 2
Profit and loss account 122,152 75,114
Shareholders' funds 122,154 75,116
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Pleasants
Director
Approved by the board on 11 November 2023
Heating Company (Cambridge) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost on a reducing balance basis , as follows:
Plant and machinery 25% per year
Motor Vehicles 25% per year
Plant and machinery 25% per year
Fixtures, fittings, tools and equipment 25% per year
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company including directors 7 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 42,835 83,307 126,142
Additions 2,468 76,000 78,468
At 31 March 2023 45,303 159,307 204,610
Depreciation
At 1 April 2022 33,653 22,097 55,750
Charge for the year 2,293 16,799 19,092
At 31 March 2023 35,946 38,896 74,842
Net book value
At 31 March 2023 9,357 120,411 129,768
At 31 March 2022 9,182 61,210 70,392
4 Debtors 2023 2022
£ £
Trade debtors 83,283 28,523
Deferred tax asset 1,384 -
Other debtors including directors loan 11,055 7,439
95,722 35,962
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 24,338 16,005
Trade creditors 46,908 37,615
Taxation and social security costs 17,795 17,092
Other creditors 4,718 3,680
93,759 74,392
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 81,652 37,682
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
K Pleasants
Interest Free Loan (198) (11,591) 11,779 (10)
(198) (11,591) 11,779 (10)
8 Other information
Heating Company (Cambridge) Limited is a private company limited by shares and incorporated in England. Its registered office is:
73 Station Road
Kennett
Newmarket
Cambridgeshire
CB8 7QF
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