Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr N McEwan 10/11/2009 Mrs S McEwan 31/10/2014 13 March 2024 The principal activity of the Company during the financial year was the retail of range cookers and other appliances, homeware products and the sale of plastic free household goods. SC368313 2023-03-31 SC368313 bus:Director1 2023-03-31 SC368313 bus:Director2 2023-03-31 SC368313 2022-03-31 SC368313 core:CurrentFinancialInstruments 2023-03-31 SC368313 core:CurrentFinancialInstruments 2022-03-31 SC368313 core:Non-currentFinancialInstruments 2023-03-31 SC368313 core:Non-currentFinancialInstruments 2022-03-31 SC368313 core:ShareCapital 2023-03-31 SC368313 core:ShareCapital 2022-03-31 SC368313 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC368313 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC368313 core:OtherPropertyPlantEquipment 2022-03-31 SC368313 core:OtherPropertyPlantEquipment 2023-03-31 SC368313 bus:OrdinaryShareClass1 2023-03-31 SC368313 bus:OrdinaryShareClass2 2023-03-31 SC368313 bus:OrdinaryShareClass3 2023-03-31 SC368313 core:WithinOneYear 2023-03-31 SC368313 core:WithinOneYear 2022-03-31 SC368313 core:BetweenOneFiveYears 2023-03-31 SC368313 core:BetweenOneFiveYears 2022-03-31 SC368313 core:KeyManagementPersonnel 2023-03-31 SC368313 core:KeyManagementPersonnel 2022-03-31 SC368313 2022-04-01 2023-03-31 SC368313 bus:FullAccounts 2022-04-01 2023-03-31 SC368313 bus:SmallEntities 2022-04-01 2023-03-31 SC368313 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC368313 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC368313 bus:Director1 2022-04-01 2023-03-31 SC368313 bus:Director2 2022-04-01 2023-03-31 SC368313 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC368313 2021-04-01 2022-03-31 SC368313 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC368313 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC368313 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC368313 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC368313 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC368313 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC368313 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC368313 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 SC368313 core:KeyManagementPersonnel 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC368313 (Scotland)

HEATWORKS STOVE AND COOKER CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

HEATWORKS STOVE AND COOKER CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

HEATWORKS STOVE AND COOKER CENTRE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
HEATWORKS STOVE AND COOKER CENTRE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 27,567 31,609
27,567 31,609
Current assets
Stocks 4 122,581 122,913
Debtors 5 6,250 14,682
Cash at bank and in hand 6 12,828 46,753
141,659 184,348
Creditors: amounts falling due within one year 7 ( 184,193) ( 216,437)
Net current liabilities (42,534) (32,089)
Total assets less current liabilities (14,967) (480)
Creditors: amounts falling due after more than one year 8 ( 41,166) ( 58,749)
Net liabilities ( 56,133) ( 59,229)
Capital and reserves
Called-up share capital 9 4 4
Profit and loss account ( 56,137 ) ( 59,233 )
Total shareholders' deficit ( 56,133) ( 59,229)

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

Directors' responsibilities:

The financial statements of Heatworks Stove and Cooker Centre Limited (registered number: SC368313) were approved and authorised for issue by the Board of Directors on 13 March 2024. They were signed on its behalf by:

Mr N McEwan
Director
HEATWORKS STOVE AND COOKER CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
HEATWORKS STOVE AND COOKER CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Heatworks Stove and Cooker Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 64-68 Princes Street, Perth, PH2 8LJ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Going concern

The financial statements have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors confirm that they will continue to support the company for at least twelve months following the date of approval of the financial statements. They also confirm that they will not seek repayment of their directors' loan balance until all other creditors have been met.

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 trade discounts.

Revenue is recognised on the accrual basis.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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, 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:

Plant and machinery etc. 20 - 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 49,505 49,505
Additions 3,282 3,282
At 31 March 2023 52,787 52,787
Accumulated depreciation
At 01 April 2022 17,896 17,896
Charge for the financial year 7,324 7,324
At 31 March 2023 25,220 25,220
Net book value
At 31 March 2023 27,567 27,567
At 31 March 2022 31,609 31,609

4. Stocks

2023 2022
£ £
Stocks 122,581 122,913

5. Debtors

2023 2022
£ £
Trade debtors 6,250 14,682

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 12,828 46,753

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 15,422 14,466
Trade creditors 79,541 124,994
Amounts owed to directors (note 11) 15,145 14,115
Accruals and deferred income 47,607 46,246
Other taxation and social security 22,187 10,496
Obligations under finance leases and hire purchase contracts 2,002 1,832
Other creditors 2,289 4,288
184,193 216,437

Included in Bank loans are amounts secured by a personal guarantee given by the directors of £5,594 (2022 - £4,480).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £9,828 (2022 - £9,586). This loan is fully backed by a government guarantee.

Net obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

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

2023 2022
£ £
Bank loans 38,232 53,813
Obligations under finance leases and hire purchase contracts 2,934 4,936
41,166 58,749

Included in Bank loans are amounts secured by a personal guarantee given by the directors of £10,785 (2022 - £16,531).

Also included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme of £27,447 (2022 - £37,282). This loan is fully backed by a government guarantee.

Net obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2
1 A ordinary share of £ 1.00 1 1
1 B ordinary share of £ 1.00 1 1
4 4

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 6,667 6,667
between one and five years 13,332 19,999
19,999 26,666

11. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
Directors' current accounts 15,145 14,115

The above loan is unsecured, interest free and has no fixed terms of repayment.