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Company No: 07251796 (England and Wales)

H.P. HEATING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

H.P. HEATING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

H.P. HEATING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
H.P. HEATING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,391 14,071
11,391 14,071
Current assets
Stocks 4 4,100 4,127
Debtors 5 24,592 22,488
Cash at bank and in hand 6 38,885 16,702
67,577 43,317
Creditors: amounts falling due within one year 7 ( 31,876) ( 32,033)
Net current assets 35,701 11,284
Total assets less current liabilities 47,092 25,355
Creditors: amounts falling due after more than one year 8 ( 15,379) ( 23,890)
Net assets 31,713 1,465
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 31,613 1,365
Total shareholder's funds 31,713 1,465

For the financial year ending 30 June 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 financial statements of H.P. Heating Limited (registered number: 07251796) were approved and authorised for issue by the Director. They were signed on its behalf by:

S M Ali
Director

07 March 2024

H.P. HEATING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
H.P. HEATING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

H.P. Heating Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 July 2022 25,015 814 25,829
Additions 0 850 850
At 30 June 2023 25,015 1,664 26,679
Accumulated depreciation
At 01 July 2022 10,944 814 11,758
Charge for the financial year 3,518 12 3,530
At 30 June 2023 14,462 826 15,288
Net book value
At 30 June 2023 10,553 838 11,391
At 30 June 2022 14,071 0 14,071

4. Stocks

2023 2022
£ £
Work in progress 4,100 4,127

5. Debtors

2023 2022
£ £
Trade debtors 10,792 2,028
Other debtors 13,800 20,460
24,592 22,488

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 38,885 16,702

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,519 7,815
Amounts owed to director 3,157 12,082
Accruals 1,000 2,000
Taxation and social security 19,200 10,136
31,876 32,033

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

2023 2022
£ £
Bank loans 15,379 23,890

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Included in other creditors, amounts falling due within one year, is an interest free amount of £3,157 (2022: £12,082 included in other creditor) owed by the director.

11. Ultimate controlling party

During the period under review, the company was under the control of the director.