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Registration number: 8072792

GSR Heating Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 15

 

Company Information

Director

Mr A F Tyler

Registered office

Energy House
Grandstand Road
Hereford
HR4 9NH

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr A F Tyler

Principal activity

The principal activity of the company is The company’s principal activities during the year remained those of heating, plumbing and electrical services.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr A F Tyler
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
GSR Heating Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GSR Heating Limited for the year ended 31 March 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GSR Heating Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GSR Heating Limited and state those matters that we have agreed to state to the Board of Directors of GSR Heating Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GSR Heating Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GSR Heating Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of GSR Heating Limited. You consider that GSR Heating Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GSR Heating Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

14 August 2024

 

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

681,526

443,775

Cost of sales

 

(529,272)

(387,598)

Gross profit

 

152,254

56,177

Administrative expenses

 

(184,906)

(180,030)

Operating loss

 

(32,652)

(123,853)

Loss before tax

4

(32,652)

(123,853)

Loss for the financial year

 

(32,652)

(123,853)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

(Registration number: 8072792)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

51,430

25,529

Current assets

 

Stocks

7

4,575

4,600

Debtors

8

136,277

157,499

Cash at bank and in hand

 

166,141

146,545

 

306,993

308,644

Creditors: Amounts falling due within one year

9

(133,828)

(76,926)

Net current assets

 

173,165

231,718

Net assets

 

224,595

257,247

Capital and reserves

 

Called up share capital

10

330,000

330,000

Retained earnings

(105,405)

(72,753)

Shareholders' funds

 

224,595

257,247

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 14 August 2024
 

 

(Registration number: 8072792)
Balance Sheet as at 31 March 2024
(continued)

.........................................
Mr A F Tyler
Director

   
     
 

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.

The address of its registered office is:
Energy House
Grandstand Road
Hereford
HR4 9NH

These financial statements were authorised for issue by the director on 14 August 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

The financial statements have been prepared in accordance with FRS 102, section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The 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.

Going concern

The financial statements show a deficit on net assets. The company sufferred large losses in its first couple of years of trading which were funded entirely by the shareholder. The director took measures and has successfully turned the the business into profitable trade during the year. The shareholder has indicated that he will continue to provide financial support to the company to enable it to continue trading for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.

 

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

2

Accounting policies (continued)

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the end of the reporting period.

Tangible assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Depreciation

Asset class

Depreciation method and rate

Cars

Cars 30% of written down value per annum

Vans

20% of cost per annum

Plant and machinery

20% of cost per annum

Fixtures and fittings

20% of cost per annum

Computer equipment

33% of cost per annum

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

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

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Computer software

33% of cost per annum

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realiasable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised ias a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 5).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

18,027

10,300

 

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

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

2,750

2,750

At 31 March 2024

2,750

2,750

Amortisation

At 1 April 2023

2,750

2,750

At 31 March 2024

2,750

2,750

Carrying amount

At 31 March 2024

-

-

 

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

6

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

3,670

3,252

5,335

74,204

Additions

-

-

1,758

39,995

Disposals

-

-

-

(15,363)

At 31 March 2024

3,670

3,252

7,093

98,836

Depreciation

At 1 April 2023

1,713

2,636

2,077

53,169

Charge for the year

654

310

1,759

14,466

Eliminated on disposal

-

-

-

(15,363)

At 31 March 2024

2,367

2,946

3,836

52,272

Carrying amount

At 31 March 2024

1,303

306

3,257

46,564

At 31 March 2023

620

616

3,258

21,035

 

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

6

tangible assets (continued)

Total
£

Cost or valuation

At 1 April 2023

86,461

Additions

41,753

Disposals

(15,363)

At 31 March 2024

112,851

Depreciation

At 1 April 2023

59,595

Charge for the year

17,189

Eliminated on disposal

(15,363)

At 31 March 2024

61,421

Carrying amount

At 31 March 2024

51,430

At 31 March 2023

25,529

 

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

6

tangible assets (continued)

7

Stocks

2024
£

2023
£

Work in progress

4,600

4,600

Other inventories

(25)

-

4,575

4,600

8

Debtors

2024
£

2023
£

Trade debtors

72,123

140,006

Prepayments

61,272

15,040

Other debtors

2,882

2,453

136,277

157,499

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

75,845

42,470

Taxation and social security

4,178

3,505

Accruals and deferred income

11,537

27,173

Other creditors

42,268

3,778

133,828

76,926

10

Share capital

Allotted, called up and fully paid shares

 

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

10

Share capital (continued)

2024

2023

No.

£

No.

£

Ordinary of £1 each

330,000

330,000

330,000

330,000

       

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,600 (2023 - £9,600). This relates to rent for the period 1 April 2022 to 31 March 2023.

12

Related party transactions

 

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

12

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,615

40,000

Contributions paid to money purchase schemes

1,013

1,013

41,628

41,013

Summary of transactions with other related parties

During the year the company was charged consultancy fees of £Nil (2023: £103,000) from Caylo Limited, a company which is controlled by Mr J Card, who is the father of Mr T Card, a shareholder of the company.