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Company No: 06408591 (England and Wales)

NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

BALANCE SHEET

As at 31 January 2024
NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 7,113 9,306
7,113 9,306
Current assets
Stocks 5,584 5,117
Debtors 5 36,313 38,020
Cash at bank and in hand 37 65
41,934 43,202
Creditors: amounts falling due within one year 6 ( 144,753) ( 159,546)
Net current liabilities (102,819) (116,344)
Total assets less current liabilities (95,706) (107,038)
Net liabilities ( 95,706) ( 107,038)
Capital and reserves
Called-up share capital 7 1,050 1,050
Profit and loss account ( 96,756 ) ( 108,088 )
Total shareholders' deficit ( 95,706) ( 107,038)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Navitas Sustainable Heating Systems Limited (registered number: 06408591) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Mr E Medlicott
Director
NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
NAVITAS SUSTAINABLE HEATING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Navitas Sustainable Heating Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill Farm Barns Tuckers Lane, Baltonsborough, Glastonbury, BA6 8RH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company had net current liabilities and a deficit on shareholder funds at 31 January 2024 and as such is reliant on its creditors for financial support at the year end.

The directors have prepared the financial statements on the going concern basis as they expect the company will return profits in future periods and will be in a position to meet its financial liabilities when they fall due. This relies on the financial support of the director’s and the company’s other sources of finance.

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 value added tax, returns, rebates and discounts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 1,000 1,000
At 31 January 2024 1,000 1,000
Accumulated amortisation
At 01 February 2023 1,000 1,000
At 31 January 2024 1,000 1,000
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 1,544 14,850 1,587 17,981
Additions 144 0 0 144
At 31 January 2024 1,688 14,850 1,587 18,125
Accumulated depreciation
At 01 February 2023 1,519 5,569 1,587 8,675
Charge for the financial year 17 2,320 0 2,337
At 31 January 2024 1,536 7,889 1,587 11,012
Net book value
At 31 January 2024 152 6,961 0 7,113
At 31 January 2023 25 9,281 0 9,306

5. Debtors

2024 2023
£ £
Trade debtors 21,473 12,968
Prepayments and accrued income 14,840 25,052
36,313 38,020

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 12,915 11,974
Trade creditors 51,042 59,025
Amounts owed to directors 24,842 12,742
Accruals and deferred income 4,350 2,700
Deferred tax liability 0 2,327
Other taxation and social security 18,596 40,642
Other creditors 33,008 30,136
144,753 159,546

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,050 A Ordinary shares of £ 1.00 each 1,050 1,050

8. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties 10,000 22,100

Included in other creditors are loans of £10,000 (2023 - £22,100) from members of a director's direct family. These loans and interest free and repayable when the company is in a suitable financial situation.