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Registered number: 03401820




 





HRS HEVAC LIMITED
 
FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 DECEMBER 2023

 
HRS HEVAC LIMITED
 

COMPANY INFORMATION


Directors
M El Baroudi 
J A Thomas 
D Williamson 
I C Sheriff 




Company secretary
I C Sheriff



Registered number
03401820



Registered office
3 Abloy House
Hatters Lane


Watford

Hertfordshire

WD18 8AJ




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street


London


EC3M 6BL





 
HRS HEVAC LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 8


 
HRS HEVAC LIMITED
REGISTERED NUMBER: 03401820

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Current assets
  

Fixed assets held for sale
  
-
3,972

Debtors
 4 
1,072,097
1,616,068

Cash at bank and in hand
  
6,147
1,163,812

  
1,078,244
2,783,852

Creditors: amounts falling due within one year
 5 
(310,769)
(1,858,705)

Total assets less current liabilities
  
 
 
767,475
 
 
925,147

Provisions
  
(140,050)
(207,150)

Net assets
  
627,425
717,997


Capital and reserves
  

Allotted, called up and fully paid share capital
 6 
310,000
310,000

Profit and loss account
  
317,425
407,997

Equity shareholder's funds
  
627,425
717,997


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2024.




J A Thomas
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
HRS HEVAC LIMITED
 

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

1.


General information

HRS Hevac Limited (company number: 03401820), having its registered office and trading address at 3 Abloy House, Hatters Lane, Watford, Hertfordshire, England, WD18 8AJ, is a private limited company incorporated in England and Wales. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has taken advantage from the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has made a loss of £90,572 (2022 profit: £355,276) during the year and has net assets of £627,425 (2022: £717,997). On 30 December 2022, the trading business of the Company was sold to a 3rd party meaning that this entity will continue to no longer have a trade moving forward. The Company will remain in operation until all debts are received and liabilities paid. 
The accounts have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

  
2.3

Statement of Cash Flows

The Company has taken advantage of the exemption in section 1A.7 of Financial Reporting standard 102 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

 
HRS HEVAC LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20% straight-line
Plant & machinery
-
25% reducing balance / 25-33% straight-line
Fixtures & fittings
-
15-33% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 3

 
HRS HEVAC LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings  except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.13

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
HRS HEVAC LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Leased assets: the Company as lessee

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the Statement of Income and Retained Earnings over the shorter of estimated useful economic life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

  
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.18

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

Page 5

 
HRS HEVAC LIMITED
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 27).


4.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
10,000
1,470,459

Amounts owed by group undertakings
1,016,702
-

Other debtors
14,113
102,972

Prepayments and accrued income
31,282
42,637

1,072,097
1,616,068



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
35,302
851,670

Amounts owed to group undertakings
262,598
675,203

Other taxation and social security
3,369
145,485

Accruals and deferred income
9,500
186,347

310,769
1,858,705




Page 6

 
HRS HEVAC LIMITED
 

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

6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000
300,000 (2022 - 300,000) Ordinary 'A' shares shares of £1.00 each
300,000
300,000

310,000

310,000



7.


Pension commitments

The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund. Contributions paid by the Company to the fund during the year were £Nil (2022: £14,732). There were no amounts outstanding at the year end (2022: £Nil). 


8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
As restated
2022
£
£


Not later than 1 year
93,285
93,978

Later than 1 year and not later than 5 years
101,058
194,343

194,343
288,321


9.


Immediate and ultimate parent undertaking

As at 31 December 2023 and 31 December 2022, the Company's immediate parent undertaking was HRS Investments Limited, a company incorporated in England and Wales.
As at 31 December 2023 and 31 December 2022, the Company's ultimate parent undertaking was Exchanger Industries Limited, a company incorporated in Canada.
The smallest group in which the Company's results are consolidated is headed by Exchanger Industries UK Limited. These consolidated accounts are available to the public, and may be obtained from:
3 Abloy House, Hatters Lane, Watford, Hertfordshire, WD18 8AJ.


10.


Related party disclosures

The Company has taken advantage from the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group. 

Page 7

 
HRS HEVAC LIMITED
 

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

11.


Auditors' information

The Company was subject to an audit for the year ended 31 December 2023. The audit report was issued with an unqualified opinion and signed on 04 October 2024 by Charlotte Willmore BFP ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 8