Company registration number 11216734 (England and Wales)
FLUE SYSTEMS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FLUE SYSTEMS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr K R Rushbrook
Mrs S J Rushbrook
Secretary
Mrs S J Rushbrook
Company number
11216734
Registered office
Mercian House
Watling Street
Cannock
Staffordshire
England
WS11 0BD
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FLUE SYSTEMS HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Detailed trading and profit and loss account
FLUE SYSTEMS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FLUE SYSTEMS HOLDINGS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flue Systems Holdings Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Flue Systems Holdings Limited, as a body, in accordance with the terms of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of Flue Systems Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Flue Systems Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flue Systems Holdings Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Flue Systems Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flue Systems Holdings Limited. You consider that Flue Systems Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Flue Systems Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
2 September 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FLUE SYSTEMS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
657,115
624,527
Investments
4
2
2
657,117
624,529
Current assets
Debtors
6
4,799
22,053
Cash at bank and in hand
202,041
292,678
206,840
314,731
Creditors: amounts falling due within one year
7
(60,349)
(50,485)
Net current assets
146,491
264,246
Total assets less current liabilities
803,608
888,775
Creditors: amounts falling due after more than one year
8
(13,333)
(34,048)
Provisions for liabilities
(68,913)
(46,967)
Net assets
721,362
807,760
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
721,360
807,758
Total equity
721,362
807,760
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FLUE SYSTEMS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr K R Rushbrook
Director
Company registration number 11216734 (England and Wales)
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Flue Systems Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mercian House, Watling Street, Cannock, Staffordshire, England, WS11 0BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance
The freehold buildings are not depreciated because their cost, separate from the freehold land, is not known, and because they are maintained to a good standard, such that any element of depreciation is insignificant.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit evenly over the lifetime of each lease.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
381,464
18,680
42,811
2,004
300,153
745,112
Additions
27,203
2,172
555
149,420
179,350
Disposals
(134,781)
(134,781)
At 31 March 2024
381,464
45,883
44,983
2,559
314,792
789,681
Depreciation and impairment
At 1 April 2023
8,720
12,290
260
99,315
120,585
Depreciation charged in the year
5,931
4,726
708
42,120
53,485
Eliminated in respect of disposals
(41,504)
(41,504)
At 31 March 2024
14,651
17,016
968
99,931
132,566
Carrying amount
At 31 March 2024
381,464
31,232
27,967
1,591
214,861
657,115
At 31 March 2023
381,464
9,960
30,521
1,744
200,838
624,527
Included within fixed assets are assets with a net book value of £Nil (2023 - £40,969) which are the subject of hire purchase agreements.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Flue Systems Limited
Mercian House, Watling Street, Cannock,Staffordshire, WS11 0BD
Ordinary shares
100.00
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,799
22,053
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
7,677
Amounts owed to group undertakings
20,598
12,302
Taxation and social security
27,248
18,277
Other creditors
2,503
12,229
60,349
50,485
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
24,823
Other creditors
9,225
13,333
34,048
9
Loans and overdrafts
2024
2023
£
£
Bank loans
23,333
32,500
Payable within one year
10,000
7,677
Payable after one year
13,333
24,823
The bank loan is underwritten by H M Government in accordance with the Bounce Back Loans legislation.
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,001
In two to five years
9,225
19,226
FLUE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Finance lease obligations
(Continued)
- 8 -
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
68,913
46,967
2024
Movements in the year:
£
Liability at 1 April 2023
46,967
Other
21,946
Liability at 31 March 2024
68,913
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
2
2
2
2
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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