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REGISTERED NUMBER: 03055613 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

HEATING SPARES SPECIALISTS LIMITED

HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Contents of the Financial Statements
for the Year Ended 31st May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEATING SPARES SPECIALISTS LIMITED

Company Information
for the Year Ended 31st May 2024







DIRECTOR: M A Deeble



REGISTERED OFFICE: Unit 12 Wessex Trade Centre
Old Wareham Road
Poole
Dorset
BH12 3PQ



REGISTERED NUMBER: 03055613 (England and Wales)



ACCOUNTANT: David A Clarke
20 Longhill Drive
Salisbury
Wiltshire
SP2 8TD



BANKERS: NatWest
2nd Floor
Heron House
10 Christchurch Road
Bournemouth
Dorset
BH1 3NR

HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,489 3,929

CURRENT ASSETS
Stocks 243,792 251,760
Debtors 5 225,496 165,185
Cash at bank and in hand 95,177 57,245
564,465 474,190
CREDITORS
Amounts falling due within one year 6 238,913 165,516
NET CURRENT ASSETS 325,552 308,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

329,041

312,603

CREDITORS
Amounts falling due after more than one
year

7

5,566

10,657
NET ASSETS 323,475 301,946

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 323,375 301,846
SHAREHOLDERS' FUNDS 323,475 301,946

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Balance Sheet - continued
31st May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st October 2024 and were signed by:





M A Deeble - Director


HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Notes to the Financial Statements
for the Year Ended 31st May 2024


1. STATUTORY INFORMATION

Heating Spares Specialists Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st June 2023 10,260 16,000 14,800 41,060
Additions 622 - - 622
At 31st May 2024 10,882 16,000 14,800 41,682
DEPRECIATION
At 1st June 2023 10,126 12,205 14,800 37,131
Charge for year 113 949 - 1,062
At 31st May 2024 10,239 13,154 14,800 38,193
NET BOOK VALUE
At 31st May 2024 643 2,846 - 3,489
At 31st May 2023 134 3,795 - 3,929

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 218,316 155,804
Other debtors 7,180 9,381
225,496 165,185

HEATING SPARES SPECIALISTS LIMITED (REGISTERED NUMBER: 03055613)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,919 5,818
Trade creditors 183,930 113,473
Taxation and social security 38,285 41,943
Other creditors 10,779 4,282
238,913 165,516

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,566 10,657

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 828 816
Bank loans 10,657 15,659
11,485 16,475