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Company registration number: 04402758
Heat Design Company Limited
Unaudited filleted financial statements
29 June 2023
Heat Design Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Heat Design Company Limited
Directors and other information
Directors Mr Alexander McBeth
Mr Daniel Christopher Parkinson
Company number 04402758
Registered office Canterbury Road
Lyminge
Nr Folkestone
Kent
CT18 8HU
Accountants Norman Brisk & Company Limited
Bank Chambers
Canterbury Road
Lyminge
Nr Folkestone
CT18 8HU
Heat Design Company Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Heat Design Company Limited
Period ended 29 June 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 29 June 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Norman Brisk & Company Limited
Business Adivsers and Taxation Consultants
Bank Chambers
Canterbury Road
Lyminge
Nr Folkestone
CT18 8HU
27 March 2024
Heat Design Company Limited
Statement of financial position
29 June 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 33,959 23,976
_______ | _______ |
33,959 23,976
Current assets
Stocks 46,607 51,424
Debtors 6 284,653 369,579
Cash at bank and in hand 43,526 80,615
_______ | _______ |
374,786 501,618
Creditors: amounts falling due
within one year 7 ( 125,299 ) ( 173,981 )
_______ | _______ |
Net current assets 249,487 327,637
_______ | _______ |
Total assets less current liabilities 283,446 351,613
Creditors: amounts falling due
after more than one year 8 ( 90,826 ) ( 190,426 )
_______ | _______ |
Net assets 192,620 161,187
_______ | _______ |
Capital and reserves
Called up share capital 2 2
Profit and loss account 192,618 161,185
_______ | _______ |
Shareholders funds 192,620 161,187
_______ | _______ |
For the period ending 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Mr Alexander McBeth
Director
Company registration number: 04402758
Heat Design Company Limited
Statement of changes in equity
Period ended 29 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 30 June 2019 2 121,113 121,115
Profit for the period 40,072 40,072
_______ _______ _______
Total comprehensive income for the period - 40,072 40,072
_______ _______ _______
At and 30 June 2022 2 161,185 161,187
Profit for the period 31,433 31,433
_______ _______ _______
Total comprehensive income for the period - 31,433 31,433
_______ _______ _______
At 29 June 2023 2 192,618 192,620
_______ _______ _______
Heat Design Company Limited
Notes to the financial statements
Period ended 29 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bank Chambers, Canterbury Road, Lyminge, Nr Folkestone, Kent, CT18 8HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the period amounted to 6 (: 6 ).
The aggregate payroll costs incurred during the period were:
£ £
Wages and salaries 127,815 113,128
Social security costs 9,645 4,904
Other pension costs 852 654
_______ | _______ |
138,312 118,686
_______ | _______ |
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 30 June 2022 23,984 37,162 45,875 107,021
Additions - - 15,995 15,995
_______ _______ _______ _______
At 29 June 2023 23,984 37,162 61,870 123,016
_______ _______ _______ _______
Depreciation
At 30 June 2022 19,263 34,450 29,332 83,045
Charge for the year 1,180 696 4,136 6,012
_______ _______ _______ _______
At 29 June 2023 20,443 35,146 33,468 89,057
_______ _______ _______ _______
Carrying amount
At 29 June 2023 3,541 2,016 28,402 33,959
_______ _______ _______ _______
At 4,721 2,712 16,543 23,976
_______ _______ _______ _______
6. Debtors
£ £
Trade debtors 106,314 164,992
Amounts owed by group undertakings and undertakings in which the company has a participating interest 176,923 204,587
Other debtors 1,416 -
_______ | _______ |
284,653 369,579
_______ | _______ |
7. Creditors: amounts falling due within one year
£ £
Bank loans and overdrafts 9,906 20,141
Trade creditors 69,918 97,250
Corporation tax 5,031 23,036
Social security and other taxes 38,329 25,787
Other creditors 2,115 7,767
_______ | _______ |
125,299 173,981
_______ | _______ |
8. Creditors: amounts falling due after more than one year
£ £
Bank loans and overdrafts 89,152 130,426
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 60,000
Other creditors 1,674 -
_______ | _______ |
90,826 190,426
_______ | _______ |
9. Directors advances, credits and guarantees
10. Controlling party
The company is ultimately controlled by Calor Consilio Limited, a company owned jointly by the directors, Mr A McBeth and Mr D C Parkinson.