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Heaps Removals and Storage Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00676582
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 282,908 279,208
282,908 279,208
CURRENT ASSETS
Stocks 5 5,000 5,000
Debtors 6 317,303 284,300
Cash at bank and in hand 153,475 189,094
475,778 478,394
Creditors: Amounts Falling Due Within One Year 7 (189,527 ) (150,860 )
NET CURRENT ASSETS (LIABILITIES) 286,251 327,534
TOTAL ASSETS LESS CURRENT LIABILITIES 569,159 606,742
Creditors: Amounts Falling Due After More Than One Year 8 (88,802 ) (122,031 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (70,727 ) (44,414 )
NET ASSETS 409,630 440,297
CAPITAL AND RESERVES
Called up share capital 10 251 251
Revaluation reserve 12 749 749
Profit and Loss Account 408,630 439,297
SHAREHOLDERS' FUNDS 409,630 440,297
Page 1
Page 2
For the year ending 29 February 2024 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
Mrs Brigid Heap
Director
02/10/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Heaps Removals and Storage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00676582 . The registered office is Unit A Spring Bank Industrial Estate, Watson Mill Lane, Sowerby Bridge, West Yorkshire, HX6 3BW.
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. 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 10% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 15% Reducing balance
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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. 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 year 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 6 11
6 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 184,330 414,071 7,869 606,270
Additions 38,605 39,980 - 78,585
As at 29 February 2024 222,935 454,051 7,869 684,855
Depreciation
As at 1 March 2023 129,109 194,965 2,988 327,062
Provided during the period 9,382 64,771 732 74,885
As at 29 February 2024 138,491 259,736 3,720 401,947
Net Book Value
As at 29 February 2024 84,444 194,315 4,149 282,908
As at 1 March 2023 55,221 219,106 4,881 279,208
5. Stocks
2024 2023
£ £
Finished goods 5,000 5,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,952 26,367
Prepayments and accrued income 296 414
Directors' loan accounts 125,361 46,487
Amounts owed by associates 141,935 197,853
277,544 271,121
...CONTINUED
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Due after more than one year
Corporation tax recoverable assets 39,759 13,179
39,759 13,179
317,303 284,300
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 82,116 84,673
Trade creditors 13,928 15,453
Bank loans and overdrafts 10,000 10,000
Other creditors 76,349 33,987
Other creditors (3) - 500
Accruals and deferred income 7,134 6,247
189,527 150,860
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 76,302 99,531
Bank loans 12,500 22,500
88,802 122,031
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 82,116 84,673
Later than one year and not later than five years 76,302 99,531
158,418 184,204
158,418 184,204
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 251 251
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Stephen Heap 23,244 39,437 - - 62,681
Mrs Brigid Heap 23,243 39,437 - - 62,680
The above loan is unsecured, and repayable on demand. Interest has been charged at a commercial rate.
12. Reserves
Revaluation Reserve
£
As at 1 March 2023 749
As at 29 February 2024 749
Page 7