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Company No: 03169286 (England and Wales)

GLOW-WARM HEATING SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GLOW-WARM HEATING SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GLOW-WARM HEATING SERVICES LIMITED

BALANCE SHEET

As at 31 March 2024
GLOW-WARM HEATING SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 33,377 44,048
33,377 44,048
Current assets
Stocks 5 12,325 11,295
Debtors 6 71,072 98,969
Cash at bank and in hand 278,527 237,725
361,924 347,989
Creditors: amounts falling due within one year 7 ( 90,803) ( 97,909)
Net current assets 271,121 250,080
Total assets less current liabilities 304,498 294,128
Provision for liabilities 8 ( 8,344) ( 11,012)
Net assets 296,154 283,116
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 295,154 282,116
Total shareholders' funds 296,154 283,116

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Glow-Warm Heating Services Limited (registered number: 03169286) were approved and authorised for issue by the Board of Directors on 15 October 2024. They were signed on its behalf by:

Mr C S Rowe
Director
GLOW-WARM HEATING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GLOW-WARM HEATING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glow-Warm Heating Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Glow Warm, Vean Road, Camborne, TR14 7TA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of heating and plumbing services.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Factors that may affect future tax charges

Deferred tax has been measured using a long term corporation rate of 25%, as this was the last rate substantively enacted before the year end.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 96,000 96,000
At 31 March 2024 96,000 96,000
Accumulated amortisation
At 01 April 2023 96,000 96,000
At 31 March 2024 96,000 96,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 8,643 76,948 6,806 92,397
Additions 0 0 374 374
At 31 March 2024 8,643 76,948 7,180 92,771
Accumulated depreciation
At 01 April 2023 7,603 34,646 6,100 48,349
Charge for the financial year 260 10,577 208 11,045
At 31 March 2024 7,863 45,223 6,308 59,394
Net book value
At 31 March 2024 780 31,725 872 33,377
At 31 March 2023 1,040 42,302 706 44,048

5. Stocks

2024 2023
£ £
Stocks 11,325 10,295
Work in progress 1,000 1,000
12,325 11,295

6. Debtors

2024 2023
£ £
Trade debtors 69,552 98,147
Other debtors 1,520 822
71,072 98,969

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,622 32,975
Taxation and social security 37,009 31,438
Other creditors 32,172 33,496
90,803 97,909

8. Provision for liabilities

2024 2023
£ £
Deferred tax 8,344 11,012

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000