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S & A Heating Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2023

Registration number: 05985923

 

S & A Heating Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

S & A Heating Limited

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,805

14,438

Current assets

 

Stocks

2,700

2,700

Debtors

6

15,801

7,676

Cash at bank and in hand

 

1,195,125

1,110,880

 

1,213,626

1,121,256

Creditors: Amounts falling due within one year

7

(162,328)

(140,966)

Net current assets

 

1,051,298

980,290

Net assets

 

1,061,103

994,728

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

1,061,102

994,727

Shareholders' funds

 

1,061,103

994,728

 

S & A Heating Limited

Balance Sheet

30 November 2023

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 21 August 2024 and signed on its behalf by:
 

.........................................
Mr S E G Frost
Director

Company Registration Number: 05985923

 

S & A Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 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:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
7 Chatto Way
Torquay
Devon
TQ1 4UE

These financial statements were authorised for issue by the Board on 21 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

The functional and presentational currency is pounds sterling.

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, and is shown net of value added tax.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

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.

 

S & A Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

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 finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred 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.

 

S & A Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

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 an 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; and
• Cash and bank balances.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

S & A Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 December 2022

400,000

At 30 November 2023

400,000

Amortisation

At 1 December 2022

400,000

At 30 November 2023

400,000

Carrying amount

At 30 November 2023

-

At 30 November 2022

-

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,675

55,144

56,819

Disposals

-

(9,700)

(9,700)

At 30 November 2023

1,675

45,444

47,119

Depreciation

At 1 December 2022

1,126

41,255

42,381

Charge for the year

82

3,113

3,195

Eliminated on disposal

-

(8,262)

(8,262)

At 30 November 2023

1,208

36,106

37,314

Carrying amount

At 30 November 2023

467

9,338

9,805

At 30 November 2022

549

13,889

14,438

 

S & A Heating Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

6

Debtors

2023
£

2022
£

Prepayments

15,801

7,676

15,801

7,676

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

38,334

4,023

Corporation tax

31,007

27,181

Taxation and social security

2,484

1,588

Other creditors

86,893

104,591

Accruals and deferred income

3,610

3,583

162,328

140,966

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1