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REGISTERED NUMBER: 04938961 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

HEAT NORFOLK LTD

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEAT NORFOLK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr P G Wilkins
Mrs C J L Wilkins





SECRETARY: Mrs C J L Wilkins





REGISTERED OFFICE: 155 Reepham Road
Hellesdon
Norwich
NR6 5PH





REGISTERED NUMBER: 04938961 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 124,553 135,480
Investment property 6 220,000 220,000
344,553 355,480

CURRENT ASSETS
Stocks 29,755 29,048
Debtors 7 97,480 108,105
Cash at bank and in hand 157,322 205,164
284,557 342,317
CREDITORS
Amounts falling due within one year 8 154,508 178,954
NET CURRENT ASSETS 130,049 163,363
TOTAL ASSETS LESS CURRENT
LIABILITIES

474,602

518,843

CREDITORS
Amounts falling due after more than one
year

9

(104,581

)

(122,440

)

PROVISIONS FOR LIABILITIES (25,132 ) (26,545 )
NET ASSETS 344,889 369,858

CAPITAL AND RESERVES
Called up share capital 11 2 2
Fair value reserve 12 105,752 105,752
Retained earnings 239,135 264,104
SHAREHOLDERS' FUNDS 344,889 369,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

BALANCE SHEET - continued
31 OCTOBER 2023


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 Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




Mr P G Wilkins - Director



Mrs C J L Wilkins - Director


HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Heat Norfolk Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents the net invoices sales of goods and fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of 4 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Investment property
Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The gain or loss on revaluation is recognised in the Income Statement in the period in which it arises. Such gains or losses are transferred from retained earnings to a fair value reserve.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 13 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 20,000
AMORTISATION
At 1 November 2022
and 31 October 2023 20,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 201,032
Additions 9,888
Disposals (11,651 )
At 31 October 2023 199,269
DEPRECIATION
At 1 November 2022 65,552
Charge for year 16,189
Eliminated on disposal (7,025 )
At 31 October 2023 74,716
NET BOOK VALUE
At 31 October 2023 124,553
At 31 October 2022 135,480

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 220,000
NET BOOK VALUE
At 31 October 2023 220,000
At 31 October 2022 220,000

The directors value the company's investment property annually at the balance sheet date. The directors take an external property agent's view on the market, together with their own knowledge and experience to assess the fair value of each property.

The historical cost of the company's investment property was £105,698 (2022 - £105,698).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,458 77,606
Other debtors 31,022 30,499
97,480 108,105

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,932 11,909
Trade creditors 83,721 116,457
Taxation and social security 49,403 37,298
Other creditors 13,452 13,290
154,508 178,954

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 94,676 104,603
Hire purchase contracts 9,905 17,837
104,581 122,440

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 78,843 78,770

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 94,676 104,603
Hire purchase contracts 17,837 29,746
112,513 134,349

The bank loan is secured on the investment property.

HEAT NORFOLK LTD (REGISTERED NUMBER: 04938961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

12. RESERVES
Fair
value
reserve
£   
At 1 November 2022
and 31 October 2023 105,752

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr P G Wilkins and Mrs C J L Wilkins
Balance outstanding at start of year 20,791 20,249
Amounts advanced 150,011 189,102
Amounts repaid (150,254 ) (188,560 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,548 20,791

Interest of £856 (2022 - £562) has been charged on this amount.

The loan is unsecured and repayable on demand.

The directors have provided a personal guarantee to the bank for the company's overdraft.