Registered number
07304218
Heatsafe Installations Ltd
Filleted Accounts
31 July 2024
Heatsafe Installations Ltd
Registered number: 07304218
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,590 42,272
Current assets
Stocks 13,000 30,000
Debtors 4 149,359 148,461
Cash at bank and in hand 22,672 48,111
185,031 226,572
Creditors: amounts falling due within one year 5 (58,295) (73,410)
Net current assets 126,736 153,162
Total assets less current liabilities 144,326 195,434
Creditors: amounts falling due after more than one year 6 (8,334) (18,333)
Provisions for liabilities (3,342) (8,032)
Net assets 132,650 169,069
Capital and reserves
Called up share capital 100 100
Profit and loss account 132,550 168,969
Shareholder's funds 132,650 169,069
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Blowers
Director
Approved by the board on 9 November 2024
Heatsafe Installations Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company, including the director. 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 5,229 66,095 71,324
Additions 258 - 258
Disposals - (16,495) (16,495)
At 31 July 2024 5,487 49,600 55,087
Depreciation
At 1 August 2023 1,835 27,217 29,052
Charge for the year 1,170 9,087 10,257
On disposals - (1,812) (1,812)
At 31 July 2024 3,005 34,492 37,497
Net book value
At 31 July 2024 2,482 15,108 17,590
At 31 July 2023 3,394 38,878 42,272
4 Debtors 2024 2023
£ £
Trade debtors 30,232 28,592
Other debtors 119,127 119,869
149,359 148,461
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 4,817
Trade creditors 7,210 13,707
Taxation and social security costs 27,169 38,871
Other creditors 13,916 6,015
58,295 73,410
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,334 18,333
7 Related party transactions
Blowers Homes Ltd
Common director
Mr P Blowers is a director and shareholder in Blowers Homes Ltd. Heatsafe Installations Ltd has lent money to Blowers Homes Ltd. This balance has been included in other debtors.
Amount due from Blowers Homes Ltd £114,900 (2023: £114,900)
8 Controlling party
The company is controlled by its director, Mr P Blowers.
9 Other information
Heatsafe Installations Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Blue Barns Business Park
Old Ipswich Road, Ardleigh
Colchester
Essex
CO7 7FX
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