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Registered number: 07850621
Hart & Co Refrigeration And Air Conditioning Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07850621
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 3,000
Tangible Assets 5 7,921 10,409
7,921 13,409
CURRENT ASSETS
Stocks 6 5,500 6,000
Debtors 7 107,726 81,020
Cash at bank and in hand 239,245 189,587
352,471 276,607
Creditors: Amounts Falling Due Within One Year 8 (127,564 ) (80,738 )
NET CURRENT ASSETS (LIABILITIES) 224,907 195,869
TOTAL ASSETS LESS CURRENT LIABILITIES 232,828 209,278
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,505 ) (1,978 )
NET ASSETS 231,323 207,300
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 231,319 207,296
SHAREHOLDERS' FUNDS 231,323 207,300
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Colquhoun
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hart & Co Refrigeration And Air Conditioning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07850621 . The registered office is 12, The Groves , Chilton Foliat, Hungerford, Berkshire, RG17 0TR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimats.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
A financial assets or a financial liability is recognised only when the entity becomes a party to the contratual provisions of the instruement.

Basic financial instruements are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at present value of the future payments discounted at a market rate of interest for similar debt instruement. Debt instruements are subsequently measured at amortised cost.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable 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 company's liability for current tax is calculated using tax rates 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 generally recognised for all taxable timing differences. Deferred tax assets are generally 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 of 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 recovered.
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 the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2.9. Provision
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statemnet of the financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 60,000
As at 31 December 2023 60,000
Amortisation
As at 1 January 2023 57,000
Provided during the period 3,000
As at 31 December 2023 60,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 3,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 1,623 53,272 1,882 56,777
As at 31 December 2023 1,623 53,272 1,882 56,777
Depreciation
As at 1 January 2023 927 44,041 1,400 46,368
Provided during the period 109 2,307 72 2,488
As at 31 December 2023 1,036 46,348 1,472 48,856
Net Book Value
As at 31 December 2023 587 6,924 410 7,921
As at 1 January 2023 696 9,231 482 10,409
6. Stocks
2023 2022
£ £
Materials 5,500 6,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 102,340 75,822
Other debtors 5,386 5,198
107,726 81,020
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 60,089 14,069
Other creditors 37,800 52,739
Taxation and social security 29,675 13,930
127,564 80,738
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 5