HETAS Limited 02117828 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is biomass and solid fuel heating regulatory organisation Digita Accounts Production Advanced 6.30.9574.0 true true false 02117828 2023-04-01 2024-03-31 02117828 2024-03-31 02117828 bus:Consolidated 2024-03-31 02117828 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02117828 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-03-31 02117828 core:CurrentFinancialInstruments 2024-03-31 02117828 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02117828 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 02117828 core:AdditionsToInvestments 2024-03-31 02117828 core:CostValuation 2024-03-31 02117828 core:BetweenTwoFiveYears 2024-03-31 02117828 core:WithinOneYear 2024-03-31 02117828 core:FurnitureFittings 2024-03-31 02117828 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02117828 core:OfficeEquipment 2024-03-31 02117828 core:Warranties 2024-03-31 02117828 bus:SmallEntities 2023-04-01 2024-03-31 02117828 bus:Audited 2023-04-01 2024-03-31 02117828 bus:FullAccounts 2023-04-01 2024-03-31 02117828 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02117828 bus:RegisteredOffice 2023-04-01 2024-03-31 02117828 bus:CompanySecretary1 2023-04-01 2024-03-31 02117828 bus:Director2 2023-04-01 2024-03-31 02117828 bus:Director3 2023-04-01 2024-03-31 02117828 bus:Director4 2023-04-01 2024-03-31 02117828 bus:Director5 2023-04-01 2024-03-31 02117828 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 02117828 bus:Agent1 2023-04-01 2024-03-31 02117828 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 02117828 core:ComputerEquipment 2023-04-01 2024-03-31 02117828 core:FurnitureFittings 2023-04-01 2024-03-31 02117828 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02117828 core:LeaseholdImprovements 2023-04-01 2024-03-31 02117828 core:OfficeEquipment 2023-04-01 2024-03-31 02117828 core:Warranties 2023-04-01 2024-03-31 02117828 1 2023-04-01 2024-03-31 02117828 countries:EnglandWales 2023-04-01 2024-03-31 02117828 2023-03-31 02117828 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 02117828 core:CostValuation 2023-03-31 02117828 core:FurnitureFittings 2023-03-31 02117828 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02117828 core:OfficeEquipment 2023-03-31 02117828 core:Warranties 2023-03-31 02117828 2022-04-01 2023-03-31 02117828 2023-03-31 02117828 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02117828 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-03-31 02117828 core:CurrentFinancialInstruments 2023-03-31 02117828 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02117828 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 02117828 core:BetweenTwoFiveYears 2023-03-31 02117828 core:WithinOneYear 2023-03-31 02117828 core:FurnitureFittings 2023-03-31 02117828 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02117828 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02117828

Prepared for the registrar

HETAS Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

HETAS Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

HETAS Limited

Company Information

Directors

Mr B N Allen

Mr A J Harvey

Mrs K F J Welfare

Mr B T Wyatt

Company secretary

Mrs H Thomas

Registered office

Severn House
Unit 5, Newtown Trading Estate
Green Lane
Tewkesbury
Gloucestershire
GL20 8HD

Bankers

Barclays Bank Plc
128 High Street
Cheltenham
Gloucestershire
GL50 1EG

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

HETAS Limited

(Registration number: 02117828)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

70,499

57,693

Tangible assets

6

85,204

97,160

Investments

7

1

-

 

155,704

154,853

Current assets

 

Stocks

19,332

22,090

Debtors

8

496,058

407,574

Cash at bank and in hand

 

1,301,240

1,471,154

 

1,816,630

1,900,818

Creditors: Amounts falling due within one year

9

(1,022,316)

(1,083,732)

Net current assets

 

794,314

817,086

Total assets less current liabilities

 

950,018

971,939

Provisions

10

(235,210)

(275,818)

Net assets

 

714,808

696,121

Reserves

 

Retained surplus

714,808

696,121

Surplus

 

714,808

696,121

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 


Mr B N Allen
Director

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Severn House
Unit 5, Newtown Trading Estate
Green Lane
Tewkesbury
Gloucestershire
GL20 8HD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Key sources of estimation uncertainty

The company is required to finance claims from installations, if certain criteria are met, for a period of 6 years from the installation date. Management have calculated a warranty claims provision based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Management have assessed the historical claim rates and the average costs of claims paid and have estimated the value of a claims provision in order to reflect the future expected costs in the financial statements. The carrying amount is £235,210 (2023 - £275,818).

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and memberships in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Revenue from the provision of services and membership is recognised on a straight line basis over the period of the contract.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the income and expenditure account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable surplus.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Improvements

20% straight line

Office equipment

10-20% straight line

Computer equipment

25% straight line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

At each balance sheet date, the company tests whether there are any indicators of assets being subject to impairment. If any such indications exist, the recoverable amount of the asset is determined. If this proves to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds its recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and value in use. An impairment loss is directly expensed in the income and expenditure account.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in income and expenditure account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to income and expenditure account on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the income and expenditure account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through income and expenditure account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in income and expenditure account as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 71 (2023 - 66).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

38,926

Other timing difference

(38,926)

-

2023

Liability
£

Accelerated capital allowances

38,713

Other timing difference

(38,713)

-

 

5

Intangible assets

Website development
 £

Cost

At 1 April 2023

66,150

Additions

31,097

At 31 March 2024

97,247

Amortisation

At 1 April 2023

8,457

Amortisation charge

18,291

At 31 March 2024

26,748

Carrying amount

At 31 March 2024

70,499

At 31 March 2023

57,693

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

6

Tangible assets

Property Improvements
£

Computer Equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,161

279,894

67,339

349,394

Additions

-

16,754

6,020

22,774

Disposals

-

(5,151)

(12,291)

(17,442)

At 31 March 2024

2,161

291,497

61,068

354,726

Depreciation

At 1 April 2023

2,089

207,566

42,579

252,234

Charge for the year

72

25,614

6,896

32,582

Eliminated on disposal

-

(4,229)

(11,065)

(15,294)

At 31 March 2024

2,161

228,951

38,410

269,522

Carrying amount

At 31 March 2024

-

62,546

22,658

85,204

At 31 March 2023

72

72,328

24,760

97,160

 

7

Investments

2024
£

2023
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

At 1 April 2023

-

Additions

1

At 31 March 2024

1

Carrying amount

At 31 March 2024

1

At 31 March 2023

-

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

8

Debtors

2024
 £

2023
 £

Trade debtors

232,443

196,464

Amounts owed by group undertakings

156,273

125,033

Other debtors

-

700

Prepayments and accrued income

107,342

85,377

 

496,058

407,574

 

9

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

112,225

132,568

Social security and other taxes

133,540

139,332

Outstanding defined contribution pension costs

-

3,320

Other creditors

9,183

17,947

Accrued expenses

43,077

73,644

Corporation tax liability

11,399

31,893

Deferred income

712,892

685,028

1,022,316

1,083,732

 

10

Provisions

Warranties
£

At 1 April 2023

275,818

Increase / (decrease) in existing provisions

(40,608)

At 31 March 2024

235,210

The claims provision is recognised based on the directors best estimate of the likely committed cash flow.

 

HETAS Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

48,408

58,957

Later than one year and not later than five years

18,918

19,448

67,326

78,405

The amount of non-cancellable operating lease payments recognised as an expense during the year was £75,793 (2023 - £65,085).

 

12

Related party transactions

Other transactions with directors

During the year, consultancy fees of £13,728 (2023 - £12,885) were chargeable by directors as remuneration for their officer duties

 

13

Non adjusting events after the financial period

In July 2024, the company entered into an agreement for the development of a customer relationship management system totalling £258,570.

On 14 September 2024, the company signed a 10 year lease of £43,696 per annum, to renew the existing leasehold property.

 

14

Parent and ultimate parent undertaking

The immediate parent at year end was Cleaner Safer Group, a private limited company by guarantee, incorporated in the United Kingdom.

On 18 May 2023, Cleaner Safer Group became the controlling party of Hetas Limited.

 

15

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 October 2024 was Rebecca Copping, who signed for and on behalf of Hazlewoods LLP.