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REGISTERED NUMBER: 02130936 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE INDEPENDENT HEATING COMPANY LIMITED

THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE INDEPENDENT HEATING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J A Biggs
Mrs N Biggs
B Biggs
Miss F Biggs





SECRETARY: Mrs N Biggs





REGISTERED OFFICE: 30-34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 02130936 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 203,607 187,392

CURRENT ASSETS
Stocks 14,600 14,600
Debtors 5 325,671 290,976
Cash at bank 622,678 559,754
962,949 865,330
CREDITORS
Amounts falling due within one year 6 (798,090 ) (683,384 )
NET CURRENT ASSETS 164,859 181,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

368,466

369,338

CREDITORS
Amounts falling due after more than one
year

7

-

(20,014

)
NET ASSETS 368,466 349,324

CAPITAL AND RESERVES
Called up share capital 8 5,000 5,000
Retained earnings 363,466 344,324
SHAREHOLDERS' FUNDS 368,466 349,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:




J A Biggs - Director



Mrs N Biggs - Director


THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

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

1. STATUTORY INFORMATION

The Independent Heating Company 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. 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.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.


THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and 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 and 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 AND DIRECTORS

The average number of employees during the year was 17 (2022 - 14 ) .

THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 203,746 290,831 494,577
Additions - 83,306 83,306
Disposals - (53,126 ) (53,126 )
At 31 December 2023 203,746 321,011 524,757
DEPRECIATION
At 1 January 2023 181,388 125,797 307,185
Charge for year 3,353 49,781 53,134
Eliminated on disposal - (39,169 ) (39,169 )
At 31 December 2023 184,741 136,409 321,150
NET BOOK VALUE
At 31 December 2023 19,005 184,602 203,607
At 31 December 2022 22,358 165,034 187,392

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 267,124
Additions 83,306
Disposals (53,126 )
Transfer to ownership (152,962 )
At 31 December 2023 144,342
DEPRECIATION
At 1 January 2023 115,961
Charge for year 23,456
Eliminated on disposal (39,169 )
Transfer to ownership (61,533 )
At 31 December 2023 38,715
NET BOOK VALUE
At 31 December 2023 105,627
At 31 December 2022 151,163

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 319,303 285,587
Other debtors 6,368 5,389
325,671 290,976

THE INDEPENDENT HEATING COMPANY LIMITED (REGISTERED NUMBER: 02130936)

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 22,760 16,175
Trade creditors 124,471 91,585
Amounts owed to group undertakings 501,091 447,588
Taxation and social security 115,504 77,758
Other creditors 34,264 50,278
798,090 683,384

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 20,014

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

9. ULTIMATE CONTROLLING PARTY

Mr J A Biggs and Mrs N Biggs together own 100% of the issued share capital of Independent Holdings Limited, and are considered to be the ultimate controlling party.