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REGISTERED NUMBER: 01127648 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Midland Counties Heating Services Ltd

Midland Counties Heating Services Ltd (Registered number: 01127648)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Midland Counties Heating Services Ltd (Registered number: 01127648)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 122,526 161,199

CURRENT ASSETS
Stocks 9,600 9,600
Debtors 5 1,111,779 1,148,615
Cash at bank 106,390 169,238
1,227,769 1,327,453
CREDITORS
Amounts falling due within one year 6 272,984 363,277
NET CURRENT ASSETS 954,785 964,176
TOTAL ASSETS LESS CURRENT LIABILITIES 1,077,311 1,125,375

CREDITORS
Amounts falling due after more than one year 7 (59,829 ) (60,114 )

PROVISIONS FOR LIABILITIES (29,979 ) (29,221 )
NET ASSETS 987,503 1,036,040

CAPITAL AND RESERVES
Called up share capital 14,000 14,000
Capital redemption reserve 6,000 6,000
Retained earnings 967,503 1,016,040
SHAREHOLDERS' FUNDS 987,503 1,036,040

Midland Counties Heating Services Ltd (Registered number: 01127648)

Balance Sheet - continued
31 March 2024


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.

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 by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr P L Cockerham - Director


Midland Counties Heating Services Ltd (Registered number: 01127648)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Midland Counties Heating Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01127648

Registered office: Rees House
Unit 27 Parker Industrial Estate
Mansfield Road
Derby
Derbyshire
DE21 4SZ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
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 its holding company MCHS Holdings Limited.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 33% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is the expenditure incurred in bringing the service to its present condition and calculated on a first-in first-out basis. Net realisable value is the expected proceeds from the sale of stock less costs of completion.

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.


Midland Counties Heating Services Ltd (Registered number: 01127648)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 16,303 113,488 310,438 38,543 478,772
Additions - - - 1,680 1,680
At 31 March 2024 16,303 113,488 310,438 40,223 480,452
DEPRECIATION
At 1 April 2023 16,303 108,148 155,180 37,942 317,573
Charge for year - 801 38,814 738 40,353
At 31 March 2024 16,303 108,949 193,994 38,680 357,926
NET BOOK VALUE
At 31 March 2024 - 4,539 116,444 1,543 122,526
At 31 March 2023 - 5,340 155,258 601 161,199

Midland Counties Heating Services Ltd (Registered number: 01127648)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 195,635
DEPRECIATION
At 1 April 2023 52,525
Charge for year 35,777
At 31 March 2024 88,302
NET BOOK VALUE
At 31 March 2024 107,333
At 31 March 2023 143,110

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 339,941 332,518
Amounts owed by group undertakings 454,526 449,008
Amounts recoverable on contract 307,609 361,442
Other debtors 9,703 5,647
1,111,779 1,148,615

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 25,863 42,150
Trade creditors 148,924 231,301
Taxation and social security 87,792 77,901
Other creditors 10,405 11,925
272,984 363,277

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 59,829 60,114

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 85,692 102,264

Hire purchase creditors are secured on the related fixed assets.

Midland Counties Heating Services Ltd (Registered number: 01127648)

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

9. ULTIMATE CONTROLLING PARTY

During the year the company was controlled by MCHS Holdings Limited, which owns 100% of the share capital of the company. Two of the Directors of Midland Counties Heating Services Ltd, Mr P L Cockerham and Mr D J Hutchinson are also Directors of MCHS Holdings Limited.

10. GUARANTEES

A cross guarantee is in place between the company and its parent company such that each company acts as guarantor for any debts the other company has with Svenska Handelsbanken AB (Publ).