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REGISTERED NUMBER: 11641173 (England and Wales)





FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

FOR

HARGASSNER BIOMASS HEATING LTD

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


HARGASSNER BIOMASS HEATING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







Directors: D C Hardwicke
H Schwarz
C Siessl





Registered office: 215b Holme Lacy Road
Hereford
HR2 6BQ





Registered number: 11641173 (England and Wales)

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Fixed assets
Tangible assets 4 108,802 94,652

Current assets
Stocks 5 327,909 195,556
Debtors 6 179,370 244,981
Cash at bank and in hand 164,497 121,626
671,776 562,163
Creditors
Amounts falling due within one year 7 445,265 433,572
Net current assets 226,511 128,591
Total assets less current liabilities 335,313 223,243

Creditors
Amounts falling due after more than one
year

8

-

(19,097

)

Provisions for liabilities 10 (27,300 ) (23,700 )
Net assets 308,013 180,446

Capital and reserves
Called up share capital 11 10,000 10,000
Retained earnings 298,013 170,446
Shareholders' funds 308,013 180,446

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 28th August 2024 and were signed on its behalf by:




C Siessl - Director


HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. Statutory information

Hargassner Biomass Heating 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from resting, servicing and repair work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to work performed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Tangible fixed assets are recognised in the balance sheet at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant & machinery20% on cost
Fixtures & fittings33% on cost
Motor vehicles20% on cost

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

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the 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.




HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


2. Accounting policies - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


2. Accounting policies - continued

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs & 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 (including officers)

The average number of employees during the year was 10 (2022 - 9 ) .

4. Tangible fixed assets
Plant & Fixtures & Motor
machinery fittings vehicles Totals
£ £ £ £
Cost
At 1st January 2023 7,773 11,646 165,153 184,572
Additions 22,463 1,160 42,487 66,110
Disposals - (249 ) (33,647 ) (33,896 )
At 31st December 2023 30,236 12,557 173,993 216,786
Depreciation
At 1st January 2023 5,857 8,074 75,989 89,920
Charge for year 5,420 2,154 34,798 42,372
Eliminated on disposal - (164 ) (24,144 ) (24,308 )
At 31st December 2023 11,277 10,064 86,643 107,984
Net book value
At 31st December 2023 18,959 2,493 87,350 108,802
At 31st December 2022 1,916 3,572 89,164 94,652

The net book value of tangible fixed assets includes £ 11,515 (2022 - £ 17,273 ) in respect of assets held under hire purchase contracts.

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


5. Stocks
31.12.23 31.12.22
£ £
Stocks 327,909 195,556

6. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 98,639 173,700
Prepayments & accrued income 80,731 71,281
179,370 244,981

7. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans & overdrafts - 5,000
Hire purchase contracts (see note 9) 7,014 9,599
Trade creditors 8,866 48,272
Amounts owed to group undertakings 195,614 263,056
Corporation tax 34,755 14,261
Social security & other tax 64,152 43,574
Other creditors 3,314 19,517
Directors' loan accounts - 232
Accruals & deferred income 131,550 30,061
445,265 433,572

8. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans - one to two years - 12,083
Hire purchase contracts (see note 9) - 7,014
- 19,097

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


9. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 7,014 9,599
Between one and five years - 7,014
7,014 16,613

10. Provisions for liabilities
31.12.23 31.12.22
£ £
Deferred tax 27,300 23,700

Deferred tax
£
Balance at 1st January 2023 23,700
Accelerated capital allowances 3,600
Balance at 31st December 2023 27,300

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
10,000 Ordinary £1 10,000 10,000

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Chris Duckett (Senior Statutory Auditor)
for and on behalf of Chris Duckett Limited

13. Contingent liabilities

There were no contingent liabilities as at 31st December 2023.

HARGASSNER BIOMASS HEATING LTD (REGISTERED NUMBER: 11641173)

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


14. 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.

15. Controlling party

The controlling party is Hargassner Industry GmbH, a company incorporated in Austria..

The ultimate controlling party is Hargassner Holding GmbH, a company incorporated in Austria.

Registered offices:
4952 Weng im Innkreis
Anton Hargassner
Strasse 1