IRIS Accounts Production v24.2.0.383 02108828 Board of Directors Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021088282023-02-28021088282024-02-29021088282023-03-012024-02-29021088282022-02-28021088282022-03-012023-02-28021088282023-02-2802108828ns15:EnglandWales2023-03-012024-02-2902108828ns14:PoundSterling2023-03-012024-02-2902108828ns10:Director12023-03-012024-02-2902108828ns10:Director22023-03-012024-02-2902108828ns10:Director32023-03-012024-02-2902108828ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2902108828ns10:SmallEntities2023-03-012024-02-2902108828ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2902108828ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2902108828ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2902108828ns10:FullAccounts2023-03-012024-02-2902108828ns10:OrdinaryShareClass12023-03-012024-02-2902108828ns10:RegisteredOffice2023-03-012024-02-2902108828ns5:CurrentFinancialInstruments2024-02-2902108828ns5:CurrentFinancialInstruments2023-02-2802108828ns5:Non-currentFinancialInstruments2024-02-2902108828ns5:Non-currentFinancialInstruments2023-02-2802108828ns5:ShareCapital2024-02-2902108828ns5:ShareCapital2023-02-2802108828ns5:RetainedEarningsAccumulatedLosses2024-02-2902108828ns5:RetainedEarningsAccumulatedLosses2023-02-2802108828ns5:PlantMachinery2023-03-012024-02-2902108828ns5:FurnitureFittings2023-03-012024-02-2902108828ns5:MotorVehicles2023-03-012024-02-2902108828ns5:PlantMachinery2023-02-2802108828ns5:FurnitureFittings2023-02-2802108828ns5:MotorVehicles2023-02-2802108828ns5:PlantMachinery2024-02-2902108828ns5:FurnitureFittings2024-02-2902108828ns5:MotorVehicles2024-02-2902108828ns5:PlantMachinery2023-02-2802108828ns5:FurnitureFittings2023-02-2802108828ns5:MotorVehicles2023-02-2802108828ns5:AdditionsToInvestments2024-02-2902108828ns5:CostValuation2024-02-2902108828ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2902108828ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2802108828ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2902108828ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2802108828ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2902108828ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2802108828ns5:HirePurchaseContracts2024-02-2902108828ns5:HirePurchaseContracts2023-02-2802108828ns5:Secured2024-02-2902108828ns5:Secured2023-02-2802108828ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 02108828 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Chase Heating Limited

Chase Heating Limited (Registered number: 02108828)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chase Heating Limited

Company Information
for the Year Ended 29 February 2024







Directors: D J Darby
P A Shaw
R T Langley





Registered office: 2 Racecourse Road
Pershore
Worcestershire
WR10 2EY





Registered number: 02108828 (England and Wales)





Accountants: Crowthers Chartered Accountants
19 High Street
Pershore
Worcestershire
WR10 1AA

Chase Heating Limited (Registered number: 02108828)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,467 24,581
Investments 5 15,062 -
34,529 24,581

CURRENT ASSETS
Stocks 195,915 198,833
Debtors 6 66,680 68,549
Cash at bank and in hand 168,224 130,666
430,819 398,048
CREDITORS
Amounts falling due within one year 7 281,500 264,109
NET CURRENT ASSETS 149,319 133,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,848

158,520

CREDITORS
Amounts falling due after more than one
year

8

(24,729

)

(43,489

)

PROVISIONS FOR LIABILITIES (3,699 ) (4,670 )
NET ASSETS 155,420 110,361

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 155,320 110,261
SHAREHOLDERS' FUNDS 155,420 110,361

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Chase Heating Limited (Registered number: 02108828)

Balance Sheet - continued
29 February 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2024 and were signed on its behalf by:




D J Darby - Director R T Langley - Director




P A Shaw - Director


Chase Heating Limited (Registered number: 02108828)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Chase Heating 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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 29 February 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 March 2022.

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 each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Chase Heating Limited (Registered number: 02108828)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally
enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or
cancelled.


Chase Heating Limited (Registered number: 02108828)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 March 2023 28,460 31,267 36,236 95,963
Additions 1,375 - - 1,375
At 29 February 2024 29,835 31,267 36,236 97,338
Depreciation
At 1 March 2023 24,515 31,007 15,860 71,382
Charge for year 1,330 65 5,094 6,489
At 29 February 2024 25,845 31,072 20,954 77,871
Net book value
At 29 February 2024 3,990 195 15,282 19,467
At 28 February 2023 3,945 260 20,376 24,581

Chase Heating Limited (Registered number: 02108828)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
Cost
Additions 15,062
At 29 February 2024 15,062
Net book value
At 29 February 2024 15,062

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 59,855 61,312
Other debtors 6,825 7,237
66,680 68,549

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,333 16,333
Hire purchase contracts (see note 9) 2,898 2,896
Trade creditors 139,956 191,670
Taxation and social security 61,008 23,405
Other creditors 61,305 29,805
281,500 264,109

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,140 36,000
Hire purchase contracts (see note 9) 4,589 7,489
24,729 43,489

Chase Heating Limited (Registered number: 02108828)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 2,898 2,896
Between one and five years 4,589 7,489
7,487 10,385

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 36,473 -

Barclays Bank PLC hold a fixed and floating charge over the undertaking and all property and assets present and future.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

12. FIRST YEAR ADOPTION

Reconciliation of Profit
2023
£
Profit as reported under FRS 105 111,738
Deferred tax (4,671)

Profit as restated under FRS 102 107,067