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REGISTERED NUMBER: 02030221 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 November 2023

for

S & C THERMOFLUIDS LIMITED

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Contents of the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S & C THERMOFLUIDS LIMITED

Company Information
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: A G Smith
S A Smith





SECRETARY: S A Smith





REGISTERED OFFICE: The Old Tannery
Kelston
Bath
Somerset
BA1 9AN





REGISTERED NUMBER: 02030221 (England and Wales)





ACCOUNTANTS: Haines Watts (Western) Limited
Chartered Accountants
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Balance Sheet
30 NOVEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,389 3,186
Tangible assets 5 68,860 100,197
Investments 6 50 50
71,299 103,433

CURRENT ASSETS
Debtors 7 579,489 261,912
Cash at bank and in hand 205,258 259,812
784,747 521,724
CREDITORS
Amounts falling due within one year 8 (194,842 ) (163,790 )
NET CURRENT ASSETS 589,905 357,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

661,204

461,367

CREDITORS
Amounts falling due after more than one
year

9

(7,725

)

(11,061

)

PROVISIONS FOR LIABILITIES (11,847 ) (13,496 )
NET ASSETS 641,632 436,810

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 641,532 436,710
SHAREHOLDERS' FUNDS 641,632 436,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Balance Sheet - continued
30 NOVEMBER 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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 24 August 2024 and were signed on its behalf by:




A G Smith - Director



S A Smith - Director


S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. COMPANY INFORMATION

S & C Thermofluids Limited 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information including annual budgets and future cash-flows in making their assessment. Based on these assessments, given the measures that could be undertaken, and current resources available, the directors have concluded that they are able to continue to adopt the going concern basis in prepared the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about S & C Thermofluids Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the income derived from the company's contracts. Income is recognised on the basis of the stage of completion of the contracts, including estimates in respect of amounts not invoiced.

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.

Patents and licences are being amortised at a rate of 25% on a reducing balance basis.

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.
Fixtures and fittings - 15% -25% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 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.

Long term contracts
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs. Turnover is calculated as that proportion of the total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Grants receivable
Revenue based grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022
and 30 November 2023 105,840
AMORTISATION
At 1 December 2022 102,654
Charge for year 797
At 30 November 2023 103,451
NET BOOK VALUE
At 30 November 2023 2,389
At 30 November 2022 3,186

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2022 106,160 107,504 213,664
Additions 4,468 - 4,468
Disposals (87,602 ) - (87,602 )
At 30 November 2023 23,026 107,504 130,530
DEPRECIATION
At 1 December 2022 84,951 28,516 113,467
Charge for year 3,206 19,747 22,953
Eliminated on disposal (74,750 ) - (74,750 )
At 30 November 2023 13,407 48,263 61,670
NET BOOK VALUE
At 30 November 2023 9,619 59,241 68,860
At 30 November 2022 21,209 78,988 100,197

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 December 2022
and 30 November 2023 50
NET BOOK VALUE
At 30 November 2023 50
At 30 November 2022 50

The company owns 50% of the ordinary shares of S & C Thermofluids (Stobart Division) Limited, a company registered in England & Wales.

S & C Thermofluids (Stobart Division) Limited has a year end date of 31 July and the unaudited financial statements for the year ended 31 July 2023 show a Profit/loss after tax of £51,665 (2022 - loss £39,910) and total shareholders' funds of £176,708 (2022 - £125,043).

S & C THERMOFLUIDS LIMITED (REGISTERED NUMBER: 02030221)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 252,172 102,973
Amounts recoverable on contracts 121,000 52,000
Other debtors 4,388 4,218
Tax 200,053 98,605
VAT - 2,240
Prepayments and accrued income 1,876 1,876
579,489 261,912

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,797 3,904
Trade creditors 30,254 34,663
Amounts owed to participating interests 45,871 94,377
Social security and other taxes 20,288 15,728
VAT 69,006 -
Other creditors 6,628 4,860
Directors' current accounts 8,828 1,758
Accrued expenses 10,170 8,500
194,842 163,790

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 7,725 11,061

10. ULTIMATE CONTROLLING PARTY

The controlling party is A G Smith.