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REGISTERED NUMBER: SC154472 (Scotland)











































Thermaheat Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Thermaheat Limited (Registered number: SC154472)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


Thermaheat Limited

Company Information
for the year ended 31st March 2024







Directors: R S Purves
I Ramage





Secretary: I Ramage





Registered office: Unit 1
Edenside Workshops
Inch Road
Kelso
Roxburghshire
TD5 7JR





Registered number: SC154472 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Thermaheat Limited (Registered number: SC154472)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 6,411 10,997

Current assets
Stocks 119,117 108,922
Debtors 5 93,517 133,530
Cash at bank and in hand 83,917 74,828
296,551 317,280
Creditors
Amounts falling due within one year 6 174,192 171,841
Net current assets 122,359 145,439
Total assets less current liabilities 128,770 156,436

Provisions for liabilities 1,218 2,089
Net assets 127,552 154,347

Capital and reserves
Called up share capital 12,503 12,503
Retained earnings 115,049 141,844
Shareholders' funds 127,552 154,347

Thermaheat Limited (Registered number: SC154472)

Balance Sheet - continued
31st March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd July 2024 and were signed on its behalf by:




I Ramage - Director



R S Purves - Director


Thermaheat Limited (Registered number: SC154472)

Notes to the Financial Statements
for the year ended 31st March 2024

1. Statutory information

Thermaheat Limited is a private company, limited by shares , registered in Scotland. 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 total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, other loans and directors' loans.

Directors' loans and other loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.


Thermaheat Limited (Registered number: SC154472)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

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.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 9 ) .

Thermaheat Limited (Registered number: SC154472)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1st April 2023
and 31st March 2024 23,422 7,044 89,133 119,599
Depreciation
At 1st April 2023 23,422 4,001 81,179 108,602
Charge for year - 609 3,977 4,586
At 31st March 2024 23,422 4,610 85,156 113,188
Net book value
At 31st March 2024 - 2,434 3,977 6,411
At 31st March 2023 - 3,043 7,954 10,997

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 86,251 122,560
Amounts recoverable on contract 699 4,807
Other debtors 6,567 6,163
93,517 133,530

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 63,139 70,941
Taxation and social security 43,323 52,802
Other creditors 67,730 48,098
174,192 171,841