Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-05-01false1313truetrue 02549740 2023-05-01 2024-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 2023-05-01 2024-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 c:SaleOrPurchaseGoods 2023-05-01 2024-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 c:SaleOrPurchaseGoods 2022-05-01 2023-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 2024-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 2023-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 c:ManagementRechargesServices 2023-05-01 2024-04-30 02549740 c:EntityControlledByKeyManagementPersonnel1 c:ManagementRechargesServices 2022-05-01 2023-04-30 02549740 2022-05-01 2023-04-30 02549740 2024-04-30 02549740 2023-04-30 02549740 2022-05-01 02549740 d:Director1 2023-05-01 2024-04-30 02549740 d:Director2 2023-05-01 2024-04-30 02549740 c:Buildings 2023-05-01 2024-04-30 02549740 c:Buildings 2024-04-30 02549740 c:Buildings 2023-04-30 02549740 c:Buildings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02549740 c:Buildings c:ShortLeaseholdAssets 2023-05-01 2024-04-30 02549740 c:PlantMachinery 2023-05-01 2024-04-30 02549740 c:PlantMachinery 2024-04-30 02549740 c:PlantMachinery 2023-04-30 02549740 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02549740 c:MotorVehicles 2023-05-01 2024-04-30 02549740 c:MotorVehicles 2024-04-30 02549740 c:MotorVehicles 2023-04-30 02549740 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02549740 c:FurnitureFittings 2023-05-01 2024-04-30 02549740 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02549740 c:Goodwill 2024-04-30 02549740 c:Goodwill 2023-04-30 02549740 c:CurrentFinancialInstruments 2024-04-30 02549740 c:CurrentFinancialInstruments 2023-04-30 02549740 c:Non-currentFinancialInstruments 2024-04-30 02549740 c:Non-currentFinancialInstruments 2023-04-30 02549740 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 02549740 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 02549740 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 02549740 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 02549740 c:ShareCapital 2024-04-30 02549740 c:ShareCapital 2023-04-30 02549740 c:RetainedEarningsAccumulatedLosses 2024-04-30 02549740 c:RetainedEarningsAccumulatedLosses 2023-04-30 02549740 d:OrdinaryShareClass1 2023-05-01 2024-04-30 02549740 d:OrdinaryShareClass1 2024-04-30 02549740 d:OrdinaryShareClass1 2023-04-30 02549740 d:FRS102 2023-05-01 2024-04-30 02549740 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02549740 d:FullAccounts 2023-05-01 2024-04-30 02549740 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02549740 c:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02549740 c:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02549740 2 2023-05-01 2024-04-30 02549740 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-04-30 02549740 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-04-30 02549740 c:LeasedAssetsHeldAsLessee 2024-04-30 02549740 c:LeasedAssetsHeldAsLessee 2023-04-30 02549740 c:Goodwill c:OwnedIntangibleAssets 2023-05-01 2024-04-30 02549740 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number:  02549740



















SOLWAY HEATERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
 30 APRIL 2024


















img7ab2.png

 
SOLWAY HEATERS LIMITED
REGISTERED NUMBER: 02549740

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
                                                                      Note
£
£

Fixed assets
  

Intangible assets
 4 
9,583
14,583

Tangible assets
 5 
492,609
460,237

  
502,192
474,820

Current assets
  

Stocks
 6 
157,542
153,177

Debtors: amounts falling due within one year
 7 
988,924
591,953

Cash at bank and in hand
  
428,634
787,246

  
1,575,100
1,532,376

Creditors: amounts falling due within one year
 8 
(443,727)
(573,622)

Net current assets
  
 
 
1,131,373
 
 
958,754

Total assets less current liabilities
  
1,633,565
1,433,574

Creditors: amounts falling due after more than one year
 9 
-
(16,632)

Provisions for liabilities
  

Deferred tax
 10 
(51,804)
(51,804)

  
 
 
(51,804)
 
 
(51,804)

Net assets
  
1,581,761
1,365,138


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
1,581,759
1,365,136

  
1,581,761
1,365,138

Page 1

 
SOLWAY HEATERS LIMITED
REGISTERED NUMBER: 02549740

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M E Richardson
K S Richardson
Director
Director


Date: 4 October 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Solway Heaters Limited is a private company limited by shares incorporated in England & Wales, registration number 02549740. Its principal place of business and registered office is Solway Road, Clay Flatts, Workington, Cumbria CA14 3YA.
The financial statements are presented in Pounds Sterling.
The principal activity of the company is the provision of heating and fuel goods and services.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life which has been determined to be 10 years. 

Page 4

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Freehold buildings
-
2%
straight line
Property improvements
-
20%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
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 profit or loss.

 
2.11

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.

At each reporting 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 profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

  
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
50,000



At 30 April 2024

50,000



Amortisation


At 1 May 2023
35,417


Charge for the year on owned assets
5,000



At 30 April 2024

40,417



Net book value



At 30 April 2024
9,583



At 30 April 2023
14,583



Page 6

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
227,093
442,079
210,484
879,656


Additions
-
38,514
69,294
107,808


Disposals
-
-
(26,750)
(26,750)



At 30 April 2024

227,093
480,593
253,028
960,714



Depreciation


At 1 May 2023
14,274
269,287
135,858
419,419


Charge for the year on owned assets
563
39,676
32,466
72,705


Disposals
-
-
(24,019)
(24,019)



At 30 April 2024

14,837
308,963
144,305
468,105



Net book value



At 30 April 2024
212,256
171,630
108,723
492,609



At 30 April 2023
212,819
172,792
74,626
460,237

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
35,355
47,140

35,355
47,140


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
157,542
153,177


Page 7

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£
£


Trade debtors
247,969
209,899

Amounts owed by group undertakings
702,324
351,162

Other debtors
14,739
5,122

Prepayments and accrued income
23,892
25,770

988,924
591,953



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
223,830
170,626

Amounts owed to group and related undertakings
77,755
271,783

Corporation tax
63,277
60,653

Obligations under finance lease and hire purchase contracts
16,632
21,001

Other creditors
807
719

Accruals and deferred income
61,426
48,840

443,727
573,622


Hire purchase liabilities are secured against the assets to which they relate. 


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
16,632


Hire purchase liabilities are secured against the assets to which they relate. 

Page 8

 
SOLWAY HEATERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(51,804)
(51,804)



At end of year
(51,804)
(51,804)

2024
2023
£
£


Accelerated capital allowances
(51,804)
(51,804)

(51,804)
(51,804)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1 each
2
2



12.


Pension commitments

The company operates a defined contributions pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,810 (2023 - £17,829). Contributions totalling £699 were payable to the fund at the reporting date (2023 - £719).


13.


Related party transactions

During the year, purchases of £57,769 (2023 - £60,518) were made from M & L Richardson & Sons Limited, a company in which K S Richardson and M E Richardson, directors, are directors and shareholders. At the reporting date £77,755 (2023- £271,783) was owed by the company to M & L Richardson & Sons Limited. This was included within creditors and is unsecured, interest free and repayable on demand. 
During the year net management charges were received of £5,728 (2023 - £3,068) from M & L Richardson & Sons Limited.


14.


Controlling party

The company is a 100% subsidiary of  Richardson Retailing Limited, a company incorporated in England & Wales. There is no ultimate controlling party.



Page 9