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REGISTERED NUMBER: SC046408 (Scotland)

















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Express Heating Co. Limited

Express Heating Co. Limited (Registered number: SC046408)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Express Heating Co. Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: R Montgomery



SECRETARY: Mrs F Montgomery



REGISTERED OFFICE: Broughton Market
Edinburgh
EH3 6NU



REGISTERED NUMBER: SC046408 (Scotland)



ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



BANKERS: The Royal Bank of Scotland
2 Blenheim Place
Edinburgh
EH7 5JH



SOLICITORS: Anderson Strathern LLP
1 Rutland Court
Edinburgh
EH3 8EY

Express Heating Co. Limited (Registered number: SC046408)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 362,056 349,133

CURRENT ASSETS
Stocks and work in progress 22,688 46,931
Debtors 5 420,692 367,814
Cash at bank and in hand 316,745 627,446
760,125 1,042,191
CREDITORS
Amounts falling due within one year 6 323,671 361,225
NET CURRENT ASSETS 436,454 680,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,510

1,030,099

PROVISIONS FOR LIABILITIES 8 41,380 36,401
NET ASSETS 757,130 993,698

CAPITAL AND RESERVES
Called up share capital 230 1,350
Revaluation reserve 251,737 251,737
Capital redemption reserve 1,770 650
Retained earnings 503,393 739,961
SHAREHOLDERS' FUNDS 757,130 993,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 12 March 2024 and were signed by:





R Montgomery - Director


Express Heating Co. Limited (Registered number: SC046408)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Express Heating Co. Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax except in the case of contract work in progress which is recognised when the company obtains the right to consideration.

Tangible fixed assets
The directors have decided not to provide for depreciation on the cost of their land and property as they are of the opinion that the cost of the property was negligible and the majority of the cost was attributable to the land value.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value. Contract work in progress is shown at net cost. Cost includes all direct material and labour costs and an appropriate proportion of overheads.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising 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.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 statement of financial position date.


Express Heating Co. Limited (Registered number: SC046408)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

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 shorter.

The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the Statement of Comprehensive Income 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 Statement of Comprehensive Income in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 320,000 45,138 72,721 437,859
Additions - 399 31,995 32,394
At 30 June 2023 320,000 45,537 104,716 470,253
DEPRECIATION
At 1 July 2022 - 44,476 44,250 88,726
Charge for year - 197 19,274 19,471
At 30 June 2023 - 44,673 63,524 108,197
NET BOOK VALUE
At 30 June 2023 320,000 864 41,192 362,056
At 30 June 2022 320,000 662 28,471 349,133

Express Heating Co. Limited (Registered number: SC046408)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2023 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2014 252,603 - - 252,603
Valuation in 2021 30,000 - - 30,000
Cost 37,397 45,537 104,716 187,650
320,000 45,537 104,716 470,253

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

2023 2022
£    £   
Cost 37,397 37,397

Freehold land and buildings were valued on an open market basis on 15 March 2021 by Allied Scotland, Chartered Surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 401,717 331,713
Other debtors 18,975 36,101
420,692 367,814

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 209,924 301,133
Taxation and social security 77,105 19,070
Other creditors 36,642 41,022
323,671 361,225

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 29,904 7,812
Between one and five years 65,639 9,330
95,543 17,142

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 41,380 36,401

Express Heating Co. Limited (Registered number: SC046408)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2022 36,401
Charge to Income Statement during year 4,979
Balance at 30 June 2023 41,380

9. PENSION COMMITMENTS

At the year end the company was due £5,851 (2022: £4,544) to the employee pension scheme.