Registration number:
Strathclyde Heating & Utilities Ltd
for the Year Ended 31 July 2023
Strathclyde Heating & Utilities Ltd
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
Strathclyde Heating & Utilities Ltd
Company Information
Director |
Mr Andrew Heffernan |
Registered office |
|
Accountants |
|
Strathclyde Heating & Utilities Ltd
Director's Report for the Year Ended 31 July 2023
The director presents his report and the financial statements for the year ended 31 July 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Plumbing and heating repairs and installations
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Strathclyde Heating & Utilities Ltd
for the Year Ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Strathclyde Heating & Utilities Ltd for the year ended 31 July 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Strathclyde Heating & Utilities Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Strathclyde Heating & Utilities Ltd. You consider that Strathclyde Heating & Utilities Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Strathclyde Heating & Utilities Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Glasgow
Lanarkshire
G73 1BZ
Strathclyde Heating & Utilities Ltd
Profit and Loss Account for the Year Ended 31 July 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
11,440 |
21,929 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Strathclyde Heating & Utilities Ltd
Statement of Comprehensive Income for the Year Ended 31 July 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Strathclyde Heating & Utilities Ltd
(Registration number: SC428541)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
12,039 |
14,085 |
|
Shareholders' funds |
12,139 |
14,185 |
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Strathclyde Heating & Utilities Ltd
Statement of Changes in Equity for the Year Ended 31 July 2023
Share capital |
Retained earnings |
Total |
|
At 1 August 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 August 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2022 |
|
|
|
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
The principal place of business is:
272 Bath Street
Glasgow
G2 4JR
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
commercial vehicles |
20% reducing balance |
office equipment |
20% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 August 2022 |
|
|
|
At 31 July 2023 |
|
|
|
Depreciation |
|||
At 1 August 2022 |
|
|
|
Charge for the year |
|
|
|
At 31 July 2023 |
|
|
|
Carrying amount |
|||
At 31 July 2023 |
|
|
|
At 31 July 2022 |
|
|
|
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £ |
10,000 |
18,000 |
||
Related party transactions |
Strathclyde Heating & Utilities Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Director's remuneration
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Strathclyde Heating & Utilities Ltd
Detailed Profit and Loss Account for the Year Ended 31 July 2023
2023 |
2022 |
|
turnover (analysed below) |
210,170 |
171,560 |
Cost of sales (analysed below) |
(67,125) |
(55,185) |
Gross profit |
143,045 |
116,375 |
Gross profit (%) |
68.06% |
67.83% |
Administrative expenses |
||
Employment costs (analysed below) |
(94,233) |
(64,953) |
Establishment costs (analysed below) |
(4,976) |
(3,389) |
General administrative expenses (analysed below) |
(26,722) |
(19,111) |
Finance charges (analysed below) |
(455) |
(470) |
Depreciation costs (analysed below) |
(5,219) |
(6,523) |
(131,605) |
(94,446) |
|
Operating profit |
11,440 |
21,929 |
Interest payable and similar charges (analysed below) |
(1,487) |
(1,487) |
Profit before tax |
9,953 |
20,442 |
Strathclyde Heating & Utilities Ltd
Detailed Profit and Loss Account for the Year Ended 31 July 2023
2023 |
2022 |
Turnover |
||
Sale of goods, UK |
210,170 |
171,560 |
Cost of sales |
||
Opening finished goods |
(3,000) |
(3,000) |
Purchases |
(67,125) |
(55,185) |
Closing finished goods |
3,000 |
3,000 |
(67,125) |
(55,185) |
Employment costs |
||
Wages and salaries (excluding directors) |
(79,672) |
(51,280) |
Directors remuneration |
(12,570) |
(12,219) |
Staff pensions (Defined contribution) |
(1,822) |
(1,026) |
Staff welfare |
(169) |
(428) |
(94,233) |
(64,953) |
Establishment costs |
||
Insurance |
(4,976) |
(2,898) |
Repairs and maintenance |
- |
(491) |
(4,976) |
(3,389) |
General administrative expenses |
||
Telephone and fax |
(4,115) |
(4,005) |
Computer software and maintenance costs |
(333) |
(372) |
Printing, postage and stationery |
(185) |
(146) |
Sundry expenses |
(340) |
(470) |
Cleaning |
(222) |
- |
Motor expenses |
(15,232) |
(11,164) |
Travel and subsistence |
(2,280) |
- |
Advertising |
(1,612) |
(1,254) |
Accountancy fees |
(2,403) |
(1,700) |
(26,722) |
(19,111) |
Finance charges |
||
Bank charges |
(455) |
(470) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
- |
(234) |
Depreciation of fixtures and fittings (owned) |
(187) |
- |
Depreciation of motor vehicles (owned) |
(5,032) |
(6,289) |
(5,219) |
(6,523) |
Interest payable and similar expenses |
||
Other loan interest |
(1,487) |
(1,487) |