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REGISTERED NUMBER: 09011416 (England and Wales)















WMS Underfloor Heating Limited

Financial Statements For The Year Ended 31 March 2024






WMS Underfloor Heating Limited (Registered number: 09011416)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WMS Underfloor Heating Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Mr G Cooper
Mr A Cooper
Mr R S Cooper





REGISTERED OFFICE: Building 15
Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP





REGISTERED NUMBER: 09011416 (England and Wales)

WMS Underfloor Heating Limited (Registered number: 09011416)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 5,190 6,177
Tangible assets 6 286,480 311,383
291,670 317,560

CURRENT ASSETS
Stocks 238,203 157,105
Debtors 7 2,987,686 5,453,760
Cash at bank and in hand 4,133,975 916,025
7,359,864 6,526,890
CREDITORS
Amounts falling due within one year 8 (1,436,921 ) (1,830,564 )
NET CURRENT ASSETS 5,922,943 4,696,326
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,214,613

5,013,886

PROVISIONS FOR LIABILITIES (18,201 ) (20,190 )
NET ASSETS 6,196,412 4,993,696

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,196,312 4,993,596
SHAREHOLDERS' FUNDS 6,196,412 4,993,696

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

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

WMS Underfloor Heating Limited (Registered number: 09011416)

Statement of Financial Position - continued
31 March 2024


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 5 September 2024 and were signed on its behalf by:




Mr A Cooper - Director



Mr G Cooper - Director


WMS Underfloor Heating Limited (Registered number: 09011416)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

WMS Underfloor Heating 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.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

1) Recognition of turnover for on-going contracts at the year end

Turnover is recognised when the outcome of a transaction involving the rendering of services can be reliably estimated. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

1) Depreciation charge

The annual depreciation charge for each class of tangible fixed asset us based on an estimate of the useful economic life of the respective assents. This is reviewed periodically by the directors to ensure threat they reflect both the external and internal factors.

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 evenly over their estimated useful life of ten years.

WMS Underfloor Heating Limited (Registered number: 09011416)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 33% on cost and 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and previous periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all material timing difference at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Finance leases and hire purchase contracts
Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Impairment of assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimate where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 50 ) .

WMS Underfloor Heating Limited (Registered number: 09011416)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 9,875
AMORTISATION
At 1 April 2023 3,698
Amortisation for year 987
At 31 March 2024 4,685
NET BOOK VALUE
At 31 March 2024 5,190
At 31 March 2023 6,177

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 377,921 110,325 166,709 23,500 678,455
Additions 2,159 2,145 18,828 - 23,132
Disposals - (3,558 ) (16,009 ) - (19,567 )
At 31 March 2024 380,080 108,912 169,528 23,500 682,020
DEPRECIATION
At 1 April 2023 149,002 89,354 118,483 10,233 367,072
Charge for year 19,004 5,315 16,170 3,317 43,806
Eliminated on disposal - (1,701 ) (13,637 ) - (15,338 )
At 31 March 2024 168,006 92,968 121,016 13,550 395,540
NET BOOK VALUE
At 31 March 2024 212,074 15,944 48,512 9,950 286,480
At 31 March 2023 228,919 20,971 48,226 13,267 311,383

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,085,598 1,360,735
Amounts owed by group undertakings 230,928 231,949
Other debtors 232,552 1,661,748
VAT 142,042 206,348
Prepayments and accrued income 1,296,566 1,992,980
2,987,686 5,453,760

WMS Underfloor Heating Limited (Registered number: 09011416)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 246,959 524,919
Tax 157,639 169,590
Social security and other taxes 93,361 116,420
Other creditors 4,091 25,653
Accrued expenses 934,871 993,982
1,436,921 1,830,564

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. CONTROLLING PARTY

The parent company is PAGIS (UK) Limited, a company registered in England and Wales.