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Unitherm UK Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 13018983

 

Unitherm UK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Unitherm UK Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,431

63,409

Current assets

 

Stocks

5

1,052,679

1,368,547

Debtors

6

958,218

657,670

Cash at bank and in hand

 

516,032

192,726

 

2,526,929

2,218,943

Creditors: Amounts falling due within one year

7

(2,446,382)

(2,308,661)

Net current assets/(liabilities)

 

80,547

(89,718)

Total assets less current liabilities

 

134,978

(26,309)

Deferred tax (liability)/asset

(8,071)

11,302

Net assets/(liabilities)

 

126,907

(15,007)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

126,807

(15,107)

Shareholders' funds/(deficit)

 

126,907

(15,007)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
Andy Hooper
Director

Company Registration Number: 13018983

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units C1 & C2 Sanderling Court
Osprey Road
Sowton Industrial Estate
Exeter
Devon
EX2 7PJ
United Kingdom

These financial statements were authorised for issue by the Board on 23 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

Management have prepared a budget and forecasts using all available information and considered the various funding arrangements available, including financial support from the parent company. The company is reliant on the continued financial, and non financial support of the parent company. Based on the consideration of these matters, the Directors believe it is appropriate to prepare the financial statements on the basis that the company is a going concern, as they have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future, being at least 12 months from the approval of these financial statements. The parent company is not expected to withdraw its support for the foreseeable future and the Directors have sought assurances over this.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

3-5 years straight line

Fixtures and fittings

3-10 years straight line

Computer equipment

3-5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of goods for resale comprise direct material costs and associated costs in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Balances with group undertakings.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

85,531

13,000

98,531

Additions

15,635

696

16,331

At 31 December 2023

101,166

13,696

114,862

Depreciation

At 1 January 2023

31,438

3,684

35,122

Charge for the year

22,521

2,788

25,309

At 31 December 2023

53,959

6,472

60,431

Carrying amount

At 31 December 2023

47,207

7,224

54,431

At 31 December 2022

54,093

9,316

63,409

5

Stocks

2023
£

2022
£

Goods held for resale

1,052,679

1,368,547

6

Debtors

2023
£

2022
£

Trade debtors

916,563

629,514

Prepayments

41,655

28,156

958,218

657,670

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

288,814

96,613

Amounts owed to group undertakings

1,917,289

2,023,541

Corporation tax

25,183

-

Taxation and social security

195,225

168,190

Other creditors

304

617

Accruals and deferred income

19,567

19,700

2,446,382

2,308,661

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share capital of £1 each

100

100

100

100

         

9

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

314,094

127,781

The amount of non-cancellable operating lease payments recognised as an expense during the year was £98,245 (2022 - £41,324).

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Tom Beable (FCA), who signed for and on behalf of PKF Francis Clark on 23 April 2024.

 

Unitherm UK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is Unitherm Heating Systems Limited, incorporated in Ireland.

There is no ultimate controlling party.