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Registration number: 06257858

Heatwise (South West) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Heatwise (South West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Heatwise (South West) Limited

Company Information

Directors

Mr P J Bird

Mr J D Bird

Company secretary

Mrs S Bird

Registered office

Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Heatwise (South West) Limited

(Registration number: 06257858)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

127,954

166,538

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

172,379

393,503

Cash at bank and in hand

 

172,562

258,158

 

354,941

661,661

Creditors: Amounts falling due within one year

7

(122,958)

(301,582)

Net current assets

 

231,983

360,079

Total assets less current liabilities

 

359,937

526,617

Creditors: Amounts falling due after more than one year

7

(14,806)

(24,946)

Provisions for liabilities

(31,989)

(31,140)

Net assets

 

313,142

470,531

Capital and reserves

 

Called up share capital

4

4

Retained earnings

313,138

470,527

Shareholders' funds

 

313,142

470,531

 

Heatwise (South West) Limited

(Registration number: 06257858)
Balance Sheet as at 31 March 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mr P J Bird
Director

.........................................
Mr J D Bird
Director

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE
England

The principal place of business is:
52 Dauntsey
Chippenham
Wilts
SN15 4HN
England

These financial statements were authorised for issue by the Board on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency for these financial statements in pound sterling and rounded to the nearest whole number.

Going concern

The financial statements have been prepared on a going concern basis.

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

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.

Tax

The tax expense for the period comprises current 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 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Plant and machinery

25% straight line

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

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.

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

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.

Defined contribution pension obligation

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.

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 17).

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

24,553

8,482

320,596

30,982

384,613

Additions

-

1,958

-

6,035

7,993

Disposals

-

-

(30,400)

-

(30,400)

At 31 March 2024

24,553

10,440

290,196

37,017

362,206

Depreciation

At 1 April 2023

-

5,840

169,929

42,306

218,075

Charge for the year

1,373

1,975

36,412

1,798

41,558

Eliminated on disposal

-

-

(25,381)

-

(25,381)

At 31 March 2024

1,373

7,815

180,960

44,104

234,252

Carrying amount

At 31 March 2024

23,180

2,625

109,236

(7,087)

127,954

At 31 March 2023

23,180

2,642

150,667

(9,951)

166,538

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

10,000

10,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

162,432

384,919

Prepayments

5,620

6,204

Other debtors

4,327

2,380

 

172,379

393,503

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,140

9,890

Taxation and social security

 

37,356

72,708

Accruals and deferred income

 

66,736

199,365

Other creditors

 

8,726

19,619

 

122,958

301,582

There is a debenture over the company's assets in favour of National Westminster Bank PLC.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,806

24,946

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,806

24,946

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,140

9,890

 

Heatwise (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr P J Bird

Net withdrawals

(4,148)

108,642

(104,724)

(230)

Mr J D Bird

Net withdrawals

(223)

108,814

(104,891)

3,700

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr P J Bird

Net withdrawals

(5,177)

99,514

(98,486)

(4,148)

Mr J D Bird

Net withdrawals

(638)

98,901

(98,486)

(223)