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REGISTERED NUMBER: SC564943 (Scotland)














Financial Statements

for the Year Ended 31 December 2023

for

Saveheat Glass Limited

Saveheat Glass Limited (Registered number: SC564943)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Saveheat Glass Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Gray





REGISTERED OFFICE: 9 Baker Street
Greenock
PA15 4TU





REGISTERED NUMBER: SC564943 (Scotland)





AUDITORS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Saveheat Glass Limited (Registered number: SC564943)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 553,457 616,166

CURRENT ASSETS
Stocks 255,390 241,364
Debtors 5 833,504 724,312
Cash at bank 559,528 839,068
1,648,422 1,804,744
CREDITORS
Amounts falling due within one year 6 420,720 593,451
NET CURRENT ASSETS 1,227,702 1,211,293
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,781,159

1,827,459

CREDITORS
Amounts falling due after more than one
year

7

(228,650

)

(302,664

)

PROVISIONS FOR LIABILITIES (138,364 ) (154,043 )
NET ASSETS 1,414,145 1,370,752

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,414,144 1,370,751
1,414,145 1,370,752

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 director and authorised for issue on 16 September 2024 and were signed by:





A Gray - Director


Saveheat Glass Limited (Registered number: SC564943)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Saveheat Glass Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over their expected useful lives as follows:

Land and buildings - 20% on cost
Plant and machinery etc - 33% on cost, 20% on cost and 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of significant change since the last reporting date.

Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amounts of any write downs to stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs.


Saveheat Glass Limited (Registered number: SC564943)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
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. 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.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the company in independently administered funds.

Saveheat Glass Limited (Registered number: SC564943)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 713,946 23,284 737,230
Additions 10,310 2,719 13,029
At 31 December 2023 724,256 26,003 750,259
DEPRECIATION
At 1 January 2023 103,351 17,713 121,064
Charge for year 71,834 3,904 75,738
At 31 December 2023 175,185 21,617 196,802
NET BOOK VALUE
At 31 December 2023 549,071 4,386 553,457
At 31 December 2022 610,595 5,571 616,166

The net book value of tangible fixed assets includes £373,375 (2022 - £437,275) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 729,611 701,186
Amounts owed by group undertakings 76,736 4,316
Other debtors 27,157 18,810
833,504 724,312

Saveheat Glass Limited (Registered number: SC564943)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 74,015 73,376
Trade creditors 57,415 166,863
Taxation and social security 132,486 210,696
Other creditors 156,804 142,516
420,720 593,451

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 228,650 302,664

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 74,015 73,376
Between one and five years 228,650 302,664
302,665 376,040

Non-cancellable operating leases
2023 2022
£    £   
Within one year 174,000 174,000
Between one and five years 551,000 696,000
In more than five years - 29,000
725,000 899,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Henderson (Senior Statutory Auditor)
for and on behalf of Henderson & Company

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Saveheat Group Limited. Saveheat Group Limited does not have an ultimate controlling party.