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REGISTERED NUMBER: 08382849 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MIDLANDS HEATING SOLUTIONS LTD

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLANDS HEATING SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: S McFarlane





REGISTERED OFFICE: Unit 2 Talbots Lane Trading Estate
Talbots Lane
Brierley Hill
West Midlands
DY5 2YX





REGISTERED NUMBER: 08382849 (England and Wales)





ACCOUNTANTS: Saxon & Co Accountants Ltd
Chartered Certified Accountants
Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 261,570 290,662

CURRENT ASSETS
Stocks 50,854 189,854
Debtors 5 999,371 616,933
Cash at bank and in hand 16,879 67,000
1,067,104 873,787
CREDITORS
Amounts falling due within one year 6 1,108,893 1,063,013
NET CURRENT LIABILITIES (41,789 ) (189,226 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,781

101,436

CREDITORS
Amounts falling due after more than one year 7 (90,271 ) (58,886 )

PROVISIONS FOR LIABILITIES (65,393 ) -
NET ASSETS 64,117 42,550

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 64,115 42,548
SHAREHOLDERS' FUNDS 64,117 42,550

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

BALANCE SHEET - continued
31 JANUARY 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 14 October 2024 and were signed by:





S McFarlane - Director


MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Midlands Heating Solutions Ltd 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on reducing balance

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.

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 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.

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 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 352,962 124,354 477,316
Additions 2,304 101,798 104,102
Disposals (167,170 ) - (167,170 )
At 31 January 2024 188,096 226,152 414,248
DEPRECIATION
At 1 February 2023 130,722 55,932 186,654
Charge for year 12,777 19,227 32,004
Eliminated on disposal (65,980 ) - (65,980 )
At 31 January 2024 77,519 75,159 152,678
NET BOOK VALUE
At 31 January 2024 110,577 150,993 261,570
At 31 January 2023 222,240 68,422 290,662

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 168,500 101,823 270,323
Additions - 101,798 101,798
Transfer to ownership - (101,823 ) (101,823 )
At 31 January 2024 168,500 101,798 270,298
DEPRECIATION
At 1 February 2023 52,722 46,337 99,059
Charge for year 11,578 15,993 27,571
Transfer to ownership - (60,209 ) (60,209 )
At 31 January 2024 64,300 2,121 66,421
NET BOOK VALUE
At 31 January 2024 104,200 99,677 203,877
At 31 January 2023 115,778 55,486 171,264

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 92,323 121,305
Other debtors 902,724 492,436
Prepayments 4,324 3,192
999,371 616,933

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,198 9,948
Hire purchase contracts (see note 8) 49,139 94,301
Trade creditors 332,530 354,135
Tax 131,719 35,143
Social security and other taxes 2,833 2,700
VAT 139,495 149,408
Other creditors 438,313 408,582
Directors' current accounts 66 146
Accrued expenses 4,600 8,650
1,108,893 1,063,013

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,348 10,123
Bank loans - 2-5 years 4,405 14,770
Hire purchase contracts (see note 8) 75,518 33,993
90,271 58,886

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 59,908 104,662
Between one and five years 87,984 35,646
147,892 140,308

Finance charges repayable:
Within one year 10,769 10,361
Between one and five years 12,466 1,653
23,235 12,014

Net obligations repayable:
Within one year 49,139 94,301
Between one and five years 75,518 33,993
124,657 128,294

Non-cancellable operating leases
2024 2023
£    £   
Within one year 15,789 -
Between one and five years 26,886 -
42,675 -

9. RELATED PARTY DISCLOSURES

The director does not consider that the company has entered into any material transactions with related parties, including the owner, director and related entity, that have not been concluded under normal market conditions.

MIDLANDS HEATING SOLUTIONS LTD (REGISTERED NUMBER: 08382849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S McFarlane.