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REGISTERED NUMBER: 06014278 (England and Wales)


































Unaudited Financial Statements

for the Year Ended 31 May 2023

for

HEATING WORLD OF SPARES LIMITED

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEATING WORLD OF SPARES LIMITED

Company Information
for the year ended 31 May 2023







DIRECTORS: A L Scott
Mrs E Scott





SECRETARY: A L Scott





REGISTERED OFFICE: Unit 2 Beaumont Square
Durham Way South
Newton Aycliffe
Co. Durham
DL5 6XN





REGISTERED NUMBER: 06014278 (England and Wales)





ACCOUNTANTS: Mitchells Grievson Limited
Kensington House
3 Kensington
Bishop Auckland
Co. Durham
DL14 6HX

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 106,220 433,487

CURRENT ASSETS
Stocks 1,095,700 1,036,000
Debtors 5 480,905 417,368
Cash at bank and in hand 1,163,270 1,010,034
2,739,875 2,463,402
CREDITORS
Amounts falling due within one year 6 875,672 974,346
NET CURRENT ASSETS 1,864,203 1,489,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,970,423

1,922,543

CREDITORS
Amounts falling due after more than one
year

7

(30,699

)

(233,052

)

PROVISIONS FOR LIABILITIES (15,202 ) (7,101 )
NET ASSETS 1,924,522 1,682,390

CAPITAL AND RESERVES
Called up share capital 201 201
Retained earnings 1,924,321 1,682,189
SHAREHOLDERS' FUNDS 1,924,522 1,682,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





A L Scott - Director


HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Heating World of Spares Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared under the going concern basis of accounting.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 June 2022 432,493 10,013 70,084
Additions - - -
Disposals (432,493 ) - -
At 31 May 2023 - 10,013 70,084
DEPRECIATION
At 1 June 2022 58,537 9,097 33,969
Charge for year 6,204 220 9,028
Eliminated on disposal (64,741 ) - -
At 31 May 2023 - 9,317 42,997
NET BOOK VALUE
At 31 May 2023 - 696 27,087
At 31 May 2022 373,956 916 36,115

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 38,472 89,240 640,302
Additions 82,374 - 82,374
Disposals (38,472 ) - (470,965 )
At 31 May 2023 82,374 89,240 251,711
DEPRECIATION
At 1 June 2022 38,472 66,740 206,815
Charge for year 18,307 8,130 41,889
Eliminated on disposal (38,472 ) - (103,213 )
At 31 May 2023 18,307 74,870 145,491
NET BOOK VALUE
At 31 May 2023 64,067 14,370 106,220
At 31 May 2022 - 22,500 433,487

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost 10,013 70,084 82,374 89,240 251,711

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 169,163 169,163
Aggregate depreciation 13,096 13,096

Freehold land and buildings were valued on an open market basis on 31 May 2016 by Mr A Scott (Director) .

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 June 2022 38,472
Additions 43,990
Transfer to ownership (38,472 )
At 31 May 2023 43,990
DEPRECIATION
At 1 June 2022 38,472
Charge for year 9,874
Transfer to ownership (38,472 )
At 31 May 2023 9,874
NET BOOK VALUE
At 31 May 2023 34,116
At 31 May 2022 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 447,878 394,048
Other debtors 33,027 23,320
480,905 417,368

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 37,614
Hire purchase contracts 6,158 9,672
Trade creditors 705,887 801,109
Taxation and social security 145,638 104,802
Other creditors 17,989 21,149
875,672 974,346

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 46,937
Hire purchase contracts 30,699 8,739
Other creditors - 177,376
30,699 233,052

HEATING WORLD OF SPARES LIMITED (REGISTERED NUMBER: 06014278)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 29,081
Other loans more 5yrs instal - 110,813
- 139,894

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 33,150
Other loans - 194,017
- 227,167

The other loan is secured on the property to which it relates.