Company registration number 10213566 (England and Wales)
Contour Heating Products Limited
Unaudited financial statements
For the year ended 30 November 2023
Contour Heating Products Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Contour Heating Products Limited
Statement of financial position
As at 30 November 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
295
380
Tangible assets
4
57,610
72,564
57,905
72,944
Current assets
Stocks
13,864
11,396
Debtors
5
471,364
289,267
Cash at bank and in hand
1,569,653
1,183,525
2,054,881
1,484,188
Creditors: amounts falling due within one year
6
(706,356)
(609,176)
Net current assets
1,348,525
875,012
Total assets less current liabilities
1,406,430
947,956
Creditors: amounts falling due after more than one year
7
(15,000)
(25,000)
Provisions for liabilities
(14,400)
(18,100)
Net assets
1,377,030
904,856
Capital and reserves
Called up share capital
264
264
Capital redemption reserve
735
735
Profit and loss reserves
1,376,031
903,857
Total equity
1,377,030
904,856

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Contour Heating Products Limited
Statement of financial position (continued)
As at 30 November 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
Mrs D Simpson
Mr L Simpson
Director
Director
Company registration number 10213566 (England and Wales)
Contour Heating Products Limited
Notes to the financial statements
For the year ended 30 November 2023
- 3 -
1
Accounting policies
Company information

Contour Heating Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Mansions, 43 The Broadway, Shifnal, Shropshire, England, TF11 8BB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been amortised on a systematic basis over its expected life, which is five years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
evenly over their estimated useful life of ten years.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Contour Heating Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost.
Fixtures and fittings
20% on cost.
Computers
33.33% on cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Contour Heating Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Contour Heating Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
12
3
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
201,710
850
202,560
Amortisation and impairment
At 1 December 2022
201,710
470
202,180
Amortisation charged for the year
-
0
85
85
At 30 November 2023
201,710
555
202,265
Carrying amount
At 30 November 2023
-
0
295
295
At 30 November 2022
-
0
380
380
Contour Heating Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2022
8,119
102,121
51,330
161,570
Additions
1,030
8,638
7,353
17,021
Disposals
-
0
(7,808)
-
0
(7,808)
At 30 November 2023
9,149
102,951
58,683
170,783
Depreciation and impairment
At 1 December 2022
7,117
44,613
37,276
89,006
Depreciation charged in the year
1,093
18,662
9,643
29,398
Eliminated in respect of disposals
-
0
(5,231)
-
0
(5,231)
At 30 November 2023
8,210
58,044
46,919
113,173
Carrying amount
At 30 November 2023
939
44,907
11,764
57,610
At 30 November 2022
1,002
57,508
14,054
72,564
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
329,171
194,159
Other debtors
142,193
95,108
471,364
289,267
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
309,121
216,336
Amounts owed to group undertakings
135,549
135,049
Taxation and social security
216,067
194,487
Other creditors
35,619
53,304
706,356
609,176
Contour Heating Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
59,102
66,727
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