Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3121false2022-11-01falseheat pump installations23falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05978295 2022-11-01 2023-10-31 05978295 2021-11-01 2022-10-31 05978295 2023-10-31 05978295 2022-10-31 05978295 c:Director2 2022-11-01 2023-10-31 05978295 d:Buildings 2022-11-01 2023-10-31 05978295 d:Buildings 2023-10-31 05978295 d:Buildings 2022-10-31 05978295 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 05978295 d:PlantMachinery 2022-11-01 2023-10-31 05978295 d:PlantMachinery 2023-10-31 05978295 d:PlantMachinery 2022-10-31 05978295 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 05978295 d:MotorVehicles 2022-11-01 2023-10-31 05978295 d:MotorVehicles 2023-10-31 05978295 d:MotorVehicles 2022-10-31 05978295 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 05978295 d:OfficeEquipment 2022-11-01 2023-10-31 05978295 d:OfficeEquipment 2023-10-31 05978295 d:OfficeEquipment 2022-10-31 05978295 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 05978295 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 05978295 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 05978295 d:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 05978295 d:CurrentFinancialInstruments 2023-10-31 05978295 d:CurrentFinancialInstruments 2022-10-31 05978295 d:Non-currentFinancialInstruments 2023-10-31 05978295 d:Non-currentFinancialInstruments 2022-10-31 05978295 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05978295 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 05978295 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 05978295 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 05978295 d:ShareCapital 2023-10-31 05978295 d:ShareCapital 2022-10-31 05978295 d:SharePremium 2023-10-31 05978295 d:SharePremium 2022-10-31 05978295 d:RetainedEarningsAccumulatedLosses 2023-10-31 05978295 d:RetainedEarningsAccumulatedLosses 2022-10-31 05978295 c:OrdinaryShareClass1 2022-11-01 2023-10-31 05978295 c:OrdinaryShareClass1 2023-10-31 05978295 c:FRS102 2022-11-01 2023-10-31 05978295 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05978295 c:FullAccounts 2022-11-01 2023-10-31 05978295 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05978295 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-01 2023-10-31 05978295 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-31 05978295 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-31 05978295 6 2022-11-01 2023-10-31 05978295 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-11-01 2023-10-31 05978295 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05978295










FINN GEOTHERM UK LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
FINN GEOTHERM UK LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 11


 
FINN GEOTHERM UK LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FINN GEOTHERM UK LTD
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finn Geotherm UK Ltd for the year ended 31 October 2023 which comprise  the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of Finn Geotherm UK Ltd, as a body, in accordance with the terms of our engagement letter dated 17 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Finn Geotherm UK Ltd and state those matters that we have agreed to state to the board of directors of Finn Geotherm UK Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finn Geotherm UK Ltd and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Finn Geotherm UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Finn Geotherm UK Ltd. You consider that Finn Geotherm UK Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Finn Geotherm UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
25 April 2024
Page 1

 
FINN GEOTHERM UK LTD
REGISTERED NUMBER: 05978295

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
217
244

Tangible assets
 5 
401,946
418,495

Investments
 6 
1
1

  
402,164
418,740

Current assets
  

Stocks
  
123,389
31,647

Debtors: amounts falling due within one year
 7 
208,015
106,752

Cash at bank and in hand
  
66
238,492

  
331,470
376,891

Creditors: amounts falling due within one year
 8 
(235,020)
(362,784)

Net current assets
  
 
 
96,450
 
 
14,107

Total assets less current liabilities
  
498,614
432,847

Creditors: amounts falling due after more than one year
 9 
(28,016)
(41,543)

Provisions for liabilities
  

Deferred tax
  
(32,634)
(42,432)

  
 
 
(32,634)
 
 
(42,432)

Net assets
  
437,964
348,872


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Share premium account
  
31,652
31,652

Profit and loss account
  
405,312
316,220

  
437,964
348,872


Page 2

 
FINN GEOTHERM UK LTD
REGISTERED NUMBER: 05978295
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2024.




Mr G Ransom
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is Wood Farm, Deopham Road, Attleborough, Norfolk, NR17 1AJ. The company's trading address is in Attleborough.
The company's principal activity is that of renewable heating engineers. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. 

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
Not depreciated
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
21
23

Page 7

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Number plates

£



Cost


At 1 November 2022
271



At 31 October 2023

271



Amortisation


At 1 November 2022
27


Charge for the year on owned assets
27



At 31 October 2023

54



Net book value



At 31 October 2023
217



At 31 October 2022
244



Page 8

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
248,764
182,305
373,033
51,805
855,907


Additions
26,120
6,580
-
542
33,242


Disposals
-
-
(41,410)
-
(41,410)



At 31 October 2023

274,884
188,885
331,623
52,347
847,739



Depreciation


At 1 November 2022
-
146,878
254,779
35,755
437,412


Charge for the year on owned assets
-
10,502
27,704
4,148
42,354


Disposals
-
-
(33,973)
-
(33,973)



At 31 October 2023

-
157,380
248,510
39,903
445,793



Net book value



At 31 October 2023
274,884
31,505
83,113
12,444
401,946



At 31 October 2022
248,764
35,427
118,254
16,050
418,495


6.


Fixed asset investments





 
Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
1



At 31 October 2023
1




Page 9

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
169,016
47,388

Amounts owed by group undertakings
588
-

Other debtors
20,909
49,725

Prepayments and accrued income
17,502
9,639

208,015
106,752



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
56,667
-

Bank loans
13,662
12,954

Payments received on account
-
138,517

Trade creditors
118,739
152,820

Amounts owed to group undertakings
1
1

Other taxation and social security
36,350
28,952

Obligations under finance lease and hire purchase contracts
-
19,267

Other creditors
7,612
7,073

Accruals and deferred income
1,989
3,200

235,020
362,784


The bank overdraft of £56,667 and the bank loan of £13,662 (2022: £12,954) is secured by a fixed and floating charge over the company assets.
The hire purchase contracts are secured on the assets. 


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
28,016
41,543

28,016
41,543


The bank loan of £28,016 (2022: £41,543) is secured by a fixed and floating charge over the company assets.

Page 10

 
FINN GEOTHERM UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



11.


Prior year adjustment

A prior year adjustment has been made in respect of a change in company policy, with regards to the  treatment of servicing and installation staff wages which are to be accounted for as direct costs as opposed to administration costs. 
There is no effect on the opening reserves figure as at 01 November 2022. 


12.


Contingent liabilities

The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £55,333 (2022: £57,333).


13.


Pension commitments

Contributions totalling £0 (2022: £75) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

As at 31 October 2023, the company owed £- (2022: £1,220) to a director. This loan is included in other creditors due within one year in note 8 to the financial statements. The loan is repayable on demand and no interest was charged.

 
Page 11