MODERN HEATING (GLOS) LTD

Company Registration Number:
07797131 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2023

Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

MODERN HEATING (GLOS) LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Notes

MODERN HEATING (GLOS) LTD

Balance sheet

As at 31 March 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 5,323 0
Tangible assets: 4 70,800 46,871
Investments: 5 1,419 0
Total fixed assets: 77,542 46,871
Current assets
Stocks: 5,000
Debtors: 6 211,299 251,710
Cash at bank and in hand: 18,363 39,992
Total current assets: 234,662 291,702
Creditors: amounts falling due within one year: 7 (199,376) (215,817)
Net current assets (liabilities): 35,286 75,885
Total assets less current liabilities: 112,828 122,756
Creditors: amounts falling due after more than one year: 8 (22,500) (33,521)
Provision for liabilities: (13,520) (8,906)
Total net assets (liabilities): 76,808 80,329
Capital and reserves
Called up share capital: 40 40
Revaluation reserve:94190
Profit and loss account: 76,349 80,289
Shareholders funds: 76,808 80,329

The notes form part of these financial statements

MODERN HEATING (GLOS) LTD

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 07 March 2024
and signed on behalf of the board by:

Name: Mrs J Harris
Status: Director

The notes form part of these financial statements

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discountsand value added taxes. Turnover includes revenue earned from the sale of goods and from therendering of services. Turnover from the sale of goods is recognised when the significant risks andrewards of ownership of the goods have transferred to the buyer. Turnover from the rendering ofservices is recognised by reference to the stage of completion of the contract. The stage ofcompletion of a contract is measured by comparing the costs incurred for work performed to dateto the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulativeimpairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land,at rates calculated to write off the cost, less estimated residual value, of each asset evenly over itsexpected useful life, as follows:Freehold buildings over 50 yearsLeasehold land and buildings over the lease termPlant and machinery over 3 years / 25% reducing balanceMotor vehicles 25% reducing balance

Intangible fixed assets and amortisation policy

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulativeimpairment losses.

Valuation and information policy

Investments:Investments in subsidiaries, associates and joint ventures are measured at cost less anyaccumulated impairment losses. Listed investments are measured at fair value. Unlistedinvestments are measured at fair value unless the value cannot be measured reliably, in whichcase they are measured at cost less any accumulated impairment losses. Changes in fair valueare included in the profit and loss account.Stock:Stocks are measured at the lower of cost and estimated selling price less costs to complete andsell. Cost is determined using the first in first out method. The carrying amount of stock sold isrecognised as an expense in the period in which the related revenue is recognised.

Other accounting policies

Debtors:Short term debtors are measured at transaction price (which is usually the invoice price), less anyimpairment losses for bad and doubtful debts. Loans and other financial assets are initiallyrecognised at transaction price including any transaction costs and subsequently measured atamortised cost determined using the effective interest method, less any impairment losses for badand doubtful debts.Creditors:Short term creditors are measured at transaction price (which is usually the invoice price). Loansand other financial liabilities are initially recognised at transaction price net of any transaction costsand 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 pastperiods. A current tax asset is recognised in respect of a tax loss that can be carried back torecover tax paid in a previous period. Deferred tax is recognised in respect of all timing differencesbetween the recognition of income and expenses in the financial statements and their inclusion intax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to theextent that it is probable that they will be recovered against the reversal of deferred tax liabilities orother future taxable profits. Deferred tax is measured using the tax rates and laws that have beenenacted or substantively enacted by the reporting date and that are expected to apply to thereversal of the timing difference, except for revalued land and investment property where the taxrate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities arenot discounted.Provisions:Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation atthe reporting date as a result of a past event, it is probable that economic benefit will be transferredto 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 rewardsincidental to ownership. All other leases are classified as operating leases. The rights of use andobligations under finance leases are initially recognised as assets and liabilities at amounts equalto the fair value of the leased assets or, if lower, the present value of the minimum leasepayments. Minimum lease payments are apportioned between the finance charge and thereduction in the outstanding liability using the effective interest rate method. The finance charge isallocated to each period during the lease so as to produce a constant periodic rate of interest onthe remaining balance of the liability. Leased assets are depreciated in accordance with thecompany's policy for tangible fixed assets. If there is no reasonable certainty that ownership will beobtained at the end of the lease term, the asset is depreciated over the lower of the lease term andits useful life. Operating lease payments are recognised as an expense on a straight line basisover the lease term.Pensions:Contributions to defined contribution plans are expensed in the period to which they relate.

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

2. Employees

2023 2022
Average number of employees during the period 10 8

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Intangible Assets

Total
Cost £
At 01 April 2022 5,000
Additions 5,500
At 31 March 2023 10,500
Amortisation
At 01 April 2022 5,000
Charge for year 177
At 31 March 2023 5,177
Net book value
At 31 March 2023 5,323
At 31 March 2022 0

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Tangible Assets

Total
Cost £
At 01 April 2022 138,963
Additions 48,834
At 31 March 2023 187,797
Depreciation
At 01 April 2022 92,092
Charge for year 24,905
At 31 March 2023 116,997
Net book value
At 31 March 2023 70,800
At 31 March 2022 46,871

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Fixed investments

Listed shares:CostAdditions 1,000Revaluation 419At 31 March 2023 1,419

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

6. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

Trade debtors 2023: 127,151 2022: 189,656Directors loan account 2023: 72,651 2022: 46,213Other debtors 2023: 11,497 2022: 15,841

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

7. Creditors: amounts falling due within one year note

Bank loans and overdrafts 2023: 11,021 2022: 21,810Obligations under finance lease and hire purchase contracts 2023: 0 2022: 1,150Trade creditors 2023: 75,950 2022: 104,604Taxation and social security costs 2023: 99,521 2022: 83,259Other creditors 2023: 12,884 2022: 4,994

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

8. Creditors: amounts falling due after more than one year note

Bank loans 2023: 22,500 2022: 33,521

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

9. Revaluation reserve

2023
£
Balance at 01 April 2022 0
Surplus or deficit after revaluation 419
Balance at 31 March 2023 419

MODERN HEATING (GLOS) LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

10. Loans to directors

Name of director receiving advance or credit: Mr and Mrs Harris
Description of the loan: Directors loan account with interest chargeable
£
Balance at 01 April 2022 46,213
Advances or credits made: 90,471
Advances or credits repaid: 64,033
Balance at 31 March 2023 72,651