Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10680138 Mr M D Heaton Mrs F E Heaton Mr A E Rouse iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10680138 2023-03-31 10680138 2024-03-31 10680138 2023-04-01 2024-03-31 10680138 frs-core:CurrentFinancialInstruments 2024-03-31 10680138 frs-core:ComputerEquipment 2024-03-31 10680138 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10680138 frs-core:ComputerEquipment 2023-03-31 10680138 frs-core:MotorVehicles 2024-03-31 10680138 frs-core:MotorVehicles 2023-04-01 2024-03-31 10680138 frs-core:MotorVehicles 2023-03-31 10680138 frs-core:PlantMachinery 2024-03-31 10680138 frs-core:PlantMachinery 2023-04-01 2024-03-31 10680138 frs-core:PlantMachinery 2023-03-31 10680138 frs-core:WithinOneYear 2024-03-31 10680138 frs-core:ShareCapital 2024-03-31 10680138 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10680138 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10680138 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10680138 frs-bus:SmallEntities 2023-04-01 2024-03-31 10680138 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10680138 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10680138 frs-bus:Director1 2023-04-01 2024-03-31 10680138 frs-bus:Director2 2023-04-01 2024-03-31 10680138 frs-bus:Director3 2023-04-01 2024-03-31 10680138 frs-core:CurrentFinancialInstruments 1 2024-03-31 10680138 frs-countries:EnglandWales 2023-04-01 2024-03-31 10680138 2022-03-31 10680138 2023-03-31 10680138 2022-04-01 2023-03-31 10680138 frs-core:CurrentFinancialInstruments 2023-03-31 10680138 frs-core:WithinOneYear 2023-03-31 10680138 frs-core:ShareCapital 2023-03-31 10680138 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 10680138 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 10680138
Heaton Manufacturing Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
WAC (Whale & Company) Limited
Chartered Accountants & Business Advisors
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10680138
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 91,131 110,627
91,131 110,627
CURRENT ASSETS
Stocks 5 384,693 325,041
Debtors 6 53,963 162,741
Cash at bank and in hand 1,184,328 901,131
1,622,984 1,388,913
Creditors: Amounts Falling Due Within One Year 7 (663,550 ) (519,801 )
NET CURRENT ASSETS (LIABILITIES) 959,434 869,112
TOTAL ASSETS LESS CURRENT LIABILITIES 1,050,565 979,739
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (22,800 ) (27,700 )
NET ASSETS 1,027,765 952,039
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,027,665 951,939
SHAREHOLDERS' FUNDS 1,027,765 952,039
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Page 2
For the 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.
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
Mr M D Heaton
Director
9th October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Heaton Manufacturing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10680138 . The registered office is Unit 1, Grangewood Farm, Coal Pit Lane, Grangewood, Swadlincote, DE12 8BG.
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. The accounts are presented in GBP, which is the functional currency of the company.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods  and provision of services in the ordinary course of the company’s activities. Turnover is shown net of  sales/value added tax, returns, rebates and discounts. 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.
2.4. Tangible Fixed Assets and Depreciation
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 is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, on a straightline basis over their expected useful lives as follows:
Plant & Machinery 15% to 33.33% per annum
Motor Vehicles 15% to 33.33% per annum
Computer Equipment 25% to 50% per annum
2.5. 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 on a straightline basis over the period of the lease.
2.6. Stocks and Work in Progress
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. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 profit or loss.
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2.7. Financial Instruments
The company only has basic financial instruments.
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 merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 years 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 assets reflect 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.
2.9. Pensions
The company operates a defined pension contribution scheme. 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.
The company also makes contributions to personal pension schemes of certain employees with no legal or constructive obligation to pay further contributions.
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2.10. Government Grant
Grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.  Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of employees, including directors, during the year was: 21 (2023: 22)
21 22
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 115,982 31,031 2,726 149,739
Additions 7,000 - 400 7,400
As at 31 March 2024 122,982 31,031 3,126 157,139
Depreciation
As at 1 April 2023 30,298 6,343 2,471 39,112
Provided during the period 18,753 7,758 385 26,896
As at 31 March 2024 49,051 14,101 2,856 66,008
Net Book Value
As at 31 March 2024 73,931 16,930 270 91,131
As at 1 April 2023 85,684 24,688 255 110,627
5. Stocks
2024 2023
£ £
Materials 235,368 122,760
Finished goods 149,325 202,281
384,693 325,041
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,550 51,048
Prepayments and accrued income 18,413 111,693
53,963 162,741
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 420,132 162,311
Corporation tax 130,000 160,000
Other taxes and social security 18,325 -
VAT 61,940 165,818
Unpaid pension contributions 1,656 1,461
Accruals and deferred income 31,497 30,211
663,550 519,801
8. Deferred Taxation
The provision for deferred tax arising due to accelerated capital allowances is:
2024 2023
£ £
Other timing differences 22,800 27,700
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 2,968 18,286
2,968 18,286
The value of non-cancellable operating lease payments recognised as an expense during the year was £37,414 (2023 - £27,907).
11. Pension Commitments
The company operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of  £1,656 (2023 - £1,461) were due to the fund. They are included creditors.
12. Directors Advances, Credits and Guarantees
There were no loans, advances or credits to the directors during the financial year.  They were however paid dividends totalling £250,000 (2023 - £300,000).
13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 250,000 300,000
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