Company registration number 00796750 (England and Wales)
ASTON HEATING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ASTON HEATING LIMITED
COMPANY INFORMATION
Directors
Mr M W J Thomas
Mr A Thomas
Mrs J Bowditch
Mrs J R Dunn
(Appointed 28 March 2024)
Mr C P Masters
(Appointed 5 June 2024)
Secretary
Mr M W J Thomas
Company number
00796750
Registered office
Moss Lodge
Moss Lane
Romford
Essex
RM1 2PT
Auditor
Alwyns LLP
Crown House
151 High Road
Loughton
Essex
IG10 4LG
ASTON HEATING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
ASTON HEATING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the Annual Report for the year ended 31 March 2024.

Review of the business

The business turnover and profit continued to improve in the year following despite the impacts of global economic pressures, rising prices, staff retention and skill shortages.

 

The application of higher levels of CPI on long term Contracts has assisted in raising the level of profit. The turnover for the year increased to £25,398,541 (2023 - £23,435,293). The business continues to operate in a competitive market where the directors feel that the reputation for quality and service engendered by the company values has helped to retain existing customers.

 

The directors consider that the overall financial performance has been satisfactory given the nature of the industry and the global economy.

 

The core business remains satisfactory considering the volatile marketplace, increasing salary costs, skills shortages, and inflationary pressures. The directors consider that the on-going recovery and development of the housing and building safety market is dependent on external factors and the availability of sufficient funding.

Continued investment in the workforce, service reputation, and IT, together with the focus on providing quality, economic, and low carbon solutions will leave the company better placed to meet the future needs of its customers.

 

Principal risks and uncertainties

The directors continually monitor the key risks facing the company which in the current climate, is inflation within the industry. The company continues to provide installation, servicing and facilities management to an established customer base. It enjoys long standing relationships with both customers and suppliers, as well as having an experienced and knowledgeable workforce. It continues to retain its customer base and services provided along with the modernisation of its installation, servicing and management processes.

Key performance indicators

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit and cash reserves.

Other performance indicators

The key non-financial performance indicators continue to be customer gains and retention, and special works gained with existing customers.

On behalf of the board

Mr M W J Thomas
Director
18 November 2024
ASTON HEATING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal activities
The principal activity of the company continued to be that of the installation and servicing of mechanical services and specialist works.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M W J Thomas
Mr A Thomas
Mrs J Bowditch
Mrs J R Dunn
(Appointed 28 March 2024)
Mr C P Masters
(Appointed 5 June 2024)
Results and dividends

The results for the year are set out on page 7.

The directors did not pay a dividend during the year (2023 - £30,000 paid in respect of a prior year). The directors recommend paying a dividend of £135,000 in respect of the current year.

Financial instruments
Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity and interest risks associated with the company’s activities.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Alwyns LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ASTON HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr M W J Thomas
Director
18 November 2024
ASTON HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTON HEATING LIMITED
- 4 -
Opinion

We have audited the financial statements of Aston Heating Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ASTON HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTON HEATING LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Audit procedures undertaken in responses to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charge with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claim; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As stated above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

ASTON HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTON HEATING LIMITED (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ms Jan Rickler
Senior Statutory Auditor
For and on behalf of Alwyns LLP
18 November 2024
Chartered Accountants
Statutory Auditor
Crown House
151 High Road
Loughton
Essex
IG10 4LG
ASTON HEATING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
25,398,541
23,435,293
Cost of sales
(20,771,483)
(19,407,809)
Gross profit
4,627,058
4,027,484
Administrative expenses
(4,273,476)
(3,932,408)
Operating profit
4
353,582
95,076
Interest receivable and similar income
7
4,214
1,991
Interest payable and similar expenses
8
(2,459)
(751)
Profit before taxation
355,337
96,316
Tax on profit
9
(6,999)
88,454
Profit for the financial year
348,338
184,770

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

ASTON HEATING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,265,222
1,219,002
Current assets
Stocks
13
87,810
138,044
Debtors
14
5,527,616
5,946,391
Cash at bank and in hand
3,011,850
2,791,514
8,627,276
8,875,949
Creditors: amounts falling due within one year
15
(4,462,876)
(5,015,357)
Net current assets
4,164,400
3,860,592
Total assets less current liabilities
5,429,622
5,079,594
Creditors: amounts falling due after more than one year
16
(6,002)
(20,513)
Provisions for liabilities
Provisions
18
35,000
35,000
Deferred tax liability
19
311,769
295,568
(346,769)
(330,568)
Net assets
5,076,851
4,728,513
Capital and reserves
Called up share capital
20
45,000
45,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
5,026,851
4,678,513
Total equity
5,076,851
4,728,513
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
Mr M W J Thomas
Director
Company registration number 00796750 (England and Wales)
ASTON HEATING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
45,000
5,000
4,523,743
4,573,743
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
184,770
184,770
Dividends
10
-
-
(30,000)
(30,000)
Balance at 31 March 2023
45,000
5,000
4,678,513
4,728,513
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
348,338
348,338
Balance at 31 March 2024
45,000
5,000
5,026,851
5,076,851
ASTON HEATING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
367,099
1,020,114
Interest paid
(2,459)
(751)
Income taxes refunded
121,585
80,297
Net cash inflow from operating activities
486,225
1,099,660
Investing activities
Purchase of tangible fixed assets
(270,517)
(346,655)
Proceeds on disposal of tangible fixed assets
18,800
6,200
Interest received
4,214
1,991
Net cash used in investing activities
(247,503)
(338,464)
Financing activities
Payment of finance leases obligations
(18,386)
28,889
Dividends paid
-
0
(30,000)
Net cash used in financing activities
(18,386)
(1,111)
Net increase in cash and cash equivalents
220,336
760,085
Cash and cash equivalents at beginning of year
2,791,514
2,031,429
Cash and cash equivalents at end of year
3,011,850
2,791,514
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Aston Heating Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moss Lodge, Moss Lane, Romford, Essex, RM1 2PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from long terms contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

 

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in the profit and loss account in the period it arises.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of specific items of stock, work in progress and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
214,877
196,662
Profit on disposal of tangible fixed assets
(9,380)
(3,222)
Operating lease charges
169,788
167,141
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,539
12,895
6
Employees

There were no employees during the year apart from the directors.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,916
1,590
Other interest income
298
401
Total income
4,214
1,991
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,916
1,590
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
2,459
751
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(60,000)
Adjustments in respect of prior periods
(9,202)
(56,025)
Total current tax
(9,202)
(116,025)
Deferred tax
Origination and reversal of timing differences
16,201
27,571
Total tax charge/(credit)
6,999
(88,454)
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 16 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
355,337
96,316
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
88,834
18,300
Tax effect of expenses that are not deductible in determining taxable profit
44
-
0
Unutilised tax losses carried forward
10,520
73,567
Adjustments in respect of prior years
(9,202)
-
0
Research and development tax credit
(87,843)
(97,025)
Depreciation add back
53,719
37,366
Capital allowances
(62,929)
(86,236)
Other tax adjustment
-
0
(62,177)
Fixed asset disposal
(2,345)
-
0
Deferred tax movement
16,201
27,751
Taxation charge/(credit) for the year
6,999
(88,454)

Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. The business has undertaken specific projects that qualify for relief and has received repayments based on the R&D claims. These repayments have been accounted for in the years which they correspond to rather than year of receipt, and the effect of the R&D claim on the calculation of corporation tax is shown in the reconciliation above.

10
Dividends
2024
2023
£
£
Dividend paid relating to prior year
-
0
30,000
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
29,672
1,757,386
174,595
1,961,653
Additions
6,138
247,729
16,650
270,517
Disposals
-
0
-
0
(26,475)
(26,475)
At 31 March 2024
35,810
2,005,115
164,770
2,205,695
Depreciation and impairment
At 1 April 2023
13,859
627,803
100,989
742,651
Depreciation charged in the year
1,841
186,624
26,412
214,877
Eliminated in respect of disposals
-
0
-
0
(17,055)
(17,055)
At 31 March 2024
15,700
814,427
110,346
940,473
Carrying amount
At 31 March 2024
20,110
1,190,688
54,424
1,265,222
At 31 March 2023
15,813
1,129,583
73,606
1,219,002
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
78,838
67,099
Carrying amount of financial liabilities
Measured at amortised cost
4,230,905
4,150,805
13
Stocks
2024
2023
£
£
Raw materials and consumables
87,810
138,044
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,720
300
Gross amounts owed by contract customers
5,061,786
5,199,018
Corporation tax recoverable
69,500
181,883
Other debtors
63,823
66,799
Prepayments and accrued income
319,787
498,391
5,527,616
5,946,391
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
4,501
8,376
Trade creditors
3,433,447
3,555,992
Taxation and social security
237,973
639,790
Deferred income
-
0
245,275
Other creditors
49,103
57,421
Accruals and deferred income
737,852
508,503
4,462,876
5,015,357
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
6,002
20,513
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
4,501
8,376
In two to five years
6,002
20,513
10,503
28,889

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
18
Provisions for liabilities
2024
2023
Notes
£
£
Delapidations on lease of company premises
35,000
35,000
Deferred tax liabilities
19
311,769
295,568
346,769
330,568
Movements on provisions apart from deferred tax liabilities:
Delapidations on lease of company premises
£
At 1 April 2023 and 31 March 2024
35,000
19
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
311,769
295,568
2024
Movements in the year:
£
Liability at 1 April 2023
295,568
Charge to profit or loss
16,201
Liability at 31 March 2024
311,769
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
45,000
45,000
45,000
45,000
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
143,117
177,036
Between two and five years
121,272
175,655
264,389
352,691
22
Related party transactions
Transactions with related parties

A company controlled by the directors charged management fees totalling £6,170,249 (2023 - £6,009,120). At the end of the year, Aston Heating Limited owed the company £442,791 (2023 - £694,840).

 

 

23
Ultimate controlling party

There is not considered to be an ultimate controlling party.

24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
348,338
184,770
Adjustments for:
Taxation charged/(credited)
6,999
(88,454)
Finance costs
2,459
751
Investment income
(4,214)
(1,991)
Gain on disposal of tangible fixed assets
(9,380)
(3,222)
Depreciation and impairment of tangible fixed assets
214,877
196,662
Movements in working capital:
Decrease in stocks
50,234
122,490
Decrease/(increase) in debtors
306,392
(781,559)
(Decrease)/increase in creditors
(303,331)
1,145,392
(Decrease)/increase in deferred income
(245,275)
245,275
Cash generated from operations
367,099
1,020,114
ASTON HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
25
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,791,514
220,336
3,011,850
Obligations under finance leases
(28,889)
18,386
(10,503)
2,762,625
238,722
3,001,347
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