Registration number:
GSR Heating Limited
for the
Year Ended 31 March 2024
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Company Information
Director |
Mr A F Tyler |
Registered office |
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Accountants |
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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:
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
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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.
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Chartered Accountants
Ryelands Street
Hereford
Herefordshire
HR4 0LA
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Turnover |
|
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
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Administrative expenses |
( |
( |
|
Operating loss |
(32,652) |
(123,853) |
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Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
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 |
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Tangible assets |
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|
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Current assets |
|||
Stocks |
|
|
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Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
330,000 |
330,000 |
|
Retained earnings |
(105,405) |
(72,753) |
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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:
• |
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• |
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
(Registration number: 8072792)
Balance Sheet as at 31 March 2024
(continued)
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Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
||
At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
|||||
At 1 April 2023 |
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|
|
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Additions |
- |
- |
|
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Disposals |
- |
- |
- |
( |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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|
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Charge for the year |
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|
|
|
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Eliminated on disposal |
- |
- |
- |
( |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
6 |
tangible assets (continued) |
Total |
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Cost or valuation |
|||||
At 1 April 2023 |
|
||||
Additions |
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||||
Disposals |
( |
||||
At 31 March 2024 |
|
||||
Depreciation |
|||||
At 1 April 2023 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 31 March 2024 |
|
||||
Carrying amount |
|||||
At 31 March 2024 |
|
||||
At 31 March 2023 |
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Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)
6 |
tangible assets (continued) |
Stocks |
2024 |
2023 |
|
Work in progress |
|
|
Other inventories |
( |
- |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
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Other debtors |
|
|
|
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
|
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Other creditors |
|
|
|
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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. |
£ |
|
|
|
330,000 |
|
330,000 |
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 £
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 |
|
|
Contributions paid to money purchase schemes |
|
|
41,628 |
41,013 |
Summary of transactions with other related parties