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REGISTERED NUMBER: 02069640 (England and Wales)












Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2024

for

Intoheat Limited

Intoheat Limited (Registered number: 02069640)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


Intoheat Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J G Rankin
C V Timbrell
R Pammenter
S J Carter
S Head





SECRETARY: P A Murray





REGISTERED OFFICE: Unit 6/7 Short Way
Thornbury Industrial Estate
Thornbury
Bristol
BS35 3UT





REGISTERED NUMBER: 02069640 (England and Wales)





AUDITORS: Wormald & Partners
Chartered Accountants (ICAEW)
Brunel House
11 The Promenade
Clifton Down
Bristol
BS8 3NG

Intoheat Limited (Registered number: 02069640)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the company was that of building service engineers.

The year ended 31 March 2024 has again proved to be another testing year for the construction industry with gross margins coming under constance pressure. The company has increased turnover and gross margins within its retail sector which has remained strong and consistent throughout the year. The company plans further investment in its retail sector that will lead to an increase turnover and profitability within the sector in future accounting periods.

However throughout the year the company continued with its reviews of all operations paying particular attention to the management and operational effectiveness of the company.This together with a continued detailed review of staffing levels has seen the company report a healthy profit for the year.

The company will continue with its reviews of it's management and operational effectiveness together with ensuring staffing levels are set as required by the company. Further reviews of all of the company's overheads for the forthcoming accounting year will be conducted if necessary costs will be decreased where ever possible.

By adopting these measures the directors anticipate that budgeted turnover for future accounting periods will be consistent but with an emphasis on improved margins.Together with the cost saving measures already undertaken by the company this will see profitability maintained at current levels for future accounting periods.

Whilst the current market conditions in the construction sector are challenging, the directors however are optimistic that there will be continued and sustained growth across all sectors in the company for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk and uncertainty facing the company relate to the post Covid 19 pandemic and Brexit. These risks have been further compounded by externals worldwide issues beyond the control of the company. The directors ensure that they are fully up to date with the current legislation and closely monitor the ongoing impact this may have on the company.

These risks are further reviewed by the company insisting on the highest standards of safety and control as well as a clear operations plan that is adhered to by all members of staff. There has been an increase in costs to adopt such plans which the directors anticipate will continue into future accounting periods.

The continuing effect post Covid 19, Brexit and the external worldwide issues on the company's operations continues to be unknown.

Despite the above the company's projected level of turnover for the next financial year is indicating that the Company's expectations over the next financial year are achievable. However, we will continue to be diligent to ensure that the company's future successes are carefully maintained and significantly improved wherever possible.

SECTION 172(1) STATEMENT
The directors have complied with requirements of S172 of the Companies Act 2006. The duties are detailed in Section 172 of the Companies Act are summaries as follows:

A director of a company must act in the way they consider, in good faith would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to

The likely consequences of any decisions in the long term,

The interest of the company's employees,

The need to foster the company's business relationships with suppliers, customers and other,

The impact of the company operations on the community and environment,

The desirability of the company maintaining a reputation for high standards of business conduct and

The need to act fairly as between members of the company.


Intoheat Limited (Registered number: 02069640)

Strategic Report
for the Year Ended 31 March 2024

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise of bank balances, bank borrowings, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and to finance the company's operations. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and optimization of interest of funds placed in deposit accounts. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to make the payments as and when they fall due. Trade debtors and cash flow are managed through credit processes to monitor and pursue overdue receipts from customers.

EMPLOYEE PRACTICES
An equal opportunities statement and policies to ensure employees are treated with dignity, respect, and equality, regardless of gender, race, nationality, ethnic identity, national origin, religious beliefs, disability, age, marital status, family circumstance, sexual orientation or trade union activity are embedded in the Company's operations manual which governs all aspects of operations including recruitment, training, promotion and discipline of staff.

RISK MANAGEMENT AND BUSINESS RELATIONSHIPS
The business is growing in terms of turnover and assets acquisition therefore risk management becomes more complex. It is vital for management to identify, evaluate and mitigate the risk.

The company had a challenging year with continued uncertainty of Brexit,Covid 19 and other worldwide events to manage business relations. The company and management are developing and maintaining strong relationships with customers, suppliers and others.

ENVIRONMENTAL MATTERS - ENERGY AND CARBON REPORTING
Our energy efficiency actions have continued throughout the year with the following measures:

- Continuous monitoring and control of use of heating and power within all aspects of the company.
- Minimise unnecessary transport movements through scheduling of staff.
- Investing in green energy initiatives.
- Replace fleet vehicles with more efficient vehicles as appropriate.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard.

ON BEHALF OF THE BOARD:





P A Murray - Secretary


5 December 2024

Intoheat Limited (Registered number: 02069640)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building service engineers.

DIVIDENDS
Interim dividends per share were paid as follows:
333.33 - 30 September 2023
40.00 - 31 March 2024
166.67 - 31 March 2024
540.00

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 810,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J G Rankin
C V Timbrell
R Pammenter
S J Carter
S Head

FINANCIAL INSTRUMENTS
The company's activities expose it to a number financial risks including price risk,credit risk,cash flow risk and liquidity risk.

Price Risk

The company is exposed to subcontractor and supplier risk. The company manages its exposure to these risks well by engaging in ongoing negotiations with sub contractors and suppliers over prices.The company looks to fix prices where possible to reduce exposure to price fluctuations.

Credit Risk

The company's principal financial assets are bank and cash balances, trade debtors and other receivables. The company's credit risk is primarily attributable to its trade debtors.The amounts presented in the balance sheet are net of allowances for doubtful reserves.

Liquidity Risk

The company's approach to managing liquidity in respect of bank balances is by successfully maintaining a balance between the continuity of available funding from the company bankers.

Cash Flow Risk

The company's activities expose it primarily to the financial risk of recovering amounts due on contracts. The company manages this risk well by reviewing contract progress on a regular basis and agreeing with customers the stage of completion and amounts due.

POST BALANCE SHEET EVENTS
There have ben no significant events affecting the company since the year end.


Intoheat Limited (Registered number: 02069640)

Report of the Directors
for the Year Ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Wormald & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



P A Murray - Secretary


5 December 2024

Report of the Independent Auditors to the Members of
Intoheat Limited

Opinion
We have audited the financial statements of Intoheat Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Intoheat Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Report of the Independent Auditors to the Members of
Intoheat Limited


Auditors' 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 a Report of the Auditors 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:

Identifying and assessing potential risks related to irregularities - In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

a) The nature of the entity's industry and sector, control environment, business performance and management incentives;

b) The results of our specific enquiries of management and those charged with governance about their
own identification and assessment of the risks of irregularities;

c) Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures, relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

d) The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area(s): the recognition of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.

We also obtained an understanding of the legal and regulatory frameworks in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified - Our procedures to respond to risks identified included the following:

a) Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

b) Enquiring of management concerning actual and potential litigation and claims;

c) Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

d) Reading minutes of meetings of those charged with governance; and

e) In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
Intoheat Limited

Whilst procedures above describe the extent to which our procedures are capable of detecting irregularities, including fraud, there are inherent limitations in these audit procedures. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, misrepresentation or through collusion. We are not responsible for preventing irregularities, including fraud, or non-compliance with laws and regulations and cannot be expected to detect all irregularities or non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




DILIPKUMAR PATEL FCA (Senior Statutory Auditor)
for and on behalf of Wormald & Partners
Chartered Accountants (ICAEW)
Brunel House
11 The Promenade
Clifton Down
Bristol
BS8 3NG

5 December 2024

Intoheat Limited (Registered number: 02069640)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 32,930,703 30,961,333

Cost of sales 25,925,547 25,215,617
GROSS PROFIT 7,005,156 5,745,716

Administrative expenses 5,447,675 4,179,704
OPERATING PROFIT 4 1,557,481 1,566,012

Interest receivable and similar income 50,342 17,132
1,607,823 1,583,144

Interest payable and similar expenses 5 9,133 3,320
PROFIT BEFORE TAXATION 1,598,690 1,579,824

Tax on profit 6 461,804 210,056
PROFIT FOR THE FINANCIAL YEAR 1,136,886 1,369,768

Intoheat Limited (Registered number: 02069640)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,136,886 1,369,768


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,136,886

1,369,768

Intoheat Limited (Registered number: 02069640)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 455,412 333,414

CURRENT ASSETS
Stocks 9 1,134,627 2,928,653
Debtors 10 6,338,887 6,828,911
Cash at bank and in hand 2,386,374 1,865,797
9,859,888 11,623,361
CREDITORS
Amounts falling due within one year 11 6,799,870 8,905,476
NET CURRENT ASSETS 3,060,018 2,717,885
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,515,430

3,051,299

CREDITORS
Amounts falling due after more than one year 12 (126,497 ) (20,228 )

PROVISIONS FOR LIABILITIES 16 (82,902 ) (51,926 )
NET ASSETS 3,306,031 2,979,145

CAPITAL AND RESERVES
Called up share capital 17 1,500 1,500
Retained earnings 18 3,304,531 2,977,645
SHAREHOLDERS' FUNDS 3,306,031 2,979,145

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2024 and were signed on its behalf by:




J G Rankin - Director C V Timbrell - Director




R Pammenter - Director S J Carter - Director




S Head - Director


Intoheat Limited (Registered number: 02069640)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,500 2,667,877 2,669,377

Changes in equity
Dividends - (1,060,000 ) (1,060,000 )
Total comprehensive income - 1,369,768 1,369,768
Balance at 31 March 2023 1,500 2,977,645 2,979,145

Changes in equity
Dividends - (810,000 ) (810,000 )
Total comprehensive income - 1,136,886 1,136,886
Balance at 31 March 2024 1,500 3,304,531 3,306,031

Intoheat Limited (Registered number: 02069640)

Statement of Cash Flows
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,849,285 (66,871 )
Interest paid (1,938 ) -
Interest element of hire purchase payments
paid

(7,195

)

(3,320

)
Tax paid (218,457 ) (186,206 )
Net cash from operating activities 1,621,695 (256,397 )

Cash flows from investing activities
Purchase of tangible fixed assets (251,153 ) (155,850 )
Sale of tangible fixed assets 3,083 3,870
Interest received 50,342 17,132
Net cash from investing activities (197,728 ) (134,848 )

Cash flows from financing activities
New loans in year 193,125 310,002
Capital loan repayments (69,825 ) -
New group loan 250,000 -
Group loan repaid (310,000 ) -
Capital repayments in year - (11,127 )
Amount withdrawn by directors (220,000 ) -
Equity dividends paid (810,000 ) (1,220,000 )
Net cash from financing activities (966,700 ) (921,125 )

Increase/(decrease) in cash and cash equivalents 457,267 (1,312,370 )
Cash and cash equivalents at beginning of
year

2

1,593,620

2,905,990

Cash and cash equivalents at end of year 2 2,050,887 1,593,620

Intoheat Limited (Registered number: 02069640)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,598,690 1,579,824
Depreciation charges 129,157 77,879
(Profit)/loss on disposal of fixed assets (3,083 ) 599
Finance costs 9,133 3,320
Finance income (50,342 ) (17,132 )
1,683,555 1,644,490
Decrease/(increase) in stocks 1,794,026 (2,401,931 )
Decrease/(increase) in trade and other debtors 710,024 (2,760,354 )
(Decrease)/increase in trade and other creditors (2,338,320 ) 3,450,924
Cash generated from operations 1,849,285 (66,871 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,386,374 1,865,797
Bank overdrafts (335,487 ) (272,177 )
2,050,887 1,593,620
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,865,797 3,113,026
Bank overdrafts (272,177 ) (207,036 )
1,593,620 2,905,990


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,865,797 520,577 2,386,374
Bank overdrafts (272,177 ) (63,310 ) (335,487 )
1,593,620 457,267 2,050,887
Debt
Finance leases (46,242 ) (123,302 ) (169,544 )
(46,242 ) (123,302 ) (169,544 )
Total 1,547,378 333,965 1,881,343

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Intoheat Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on straight line basis
Fixtures and fittings - 25% on reducing balance basis
Motor vehicles - 25% on reducing balance basis

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured , initially and subsequently , at the undiscounted amount of the cash or other consideration to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment.If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value. Amounts recoverable on long term contracts , which are included in debtors are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as payments on account.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,974,154 4,123,470
Social security costs 534,230 455,510
Other pension costs 223,325 164,577
5,731,709 4,743,557

The average number of employees during the year was as follows:
2024 2023

Management & Administration 16 14
Operational 89 82
105 96

2024 2023
£    £   
Directors' remuneration 609,191 477,775
Directors' pension contributions to money purchase schemes 100,000 73,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 135,275 112,200
Pension contributions to money purchase schemes 18,750 10,000

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 83,896 58,367
Depreciation - assets on hire purchase contracts 45,259 19,514
(Profit)/loss on disposal of fixed assets (3,083 ) 599
Auditors' remuneration 14,000 13,500
Auditors' remuneration for non audit work 3,349 4,052

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,938 -
Hire purchase 7,195 3,320
9,133 3,320

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 430,828 292,707
Adjustment in respect of prior year - (113,883 )
Total current tax 430,828 178,824

Deferred tax 30,976 31,232
Tax on profit 461,804 210,056

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,598,690 1,579,824
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

399,673

300,167

Effects of:
Expenses not deductible for tax purposes 56,133 25,723
Capital allowances in excess of depreciation (11,465 ) (24,620 )
Adjustments to tax charge in respect of previous periods - (113,883 )
Deferred taxation 30,976 31,232
Group relief (13,513 ) (8,563 )
Total tax charge 461,804 210,056

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of £1 each
Interim 810,000 1,060,000

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 180,582 22,080 242,539
Additions 12,888 2,341 49,758
Disposals - (16,515 ) -
At 31 March 2024 193,470 7,906 292,297
DEPRECIATION
At 1 April 2023 115,428 17,636 130,445
Charge for year 16,502 1,621 33,185
Eliminated on disposal - (16,515 ) -
At 31 March 2024 131,930 2,742 163,630
NET BOOK VALUE
At 31 March 2024 61,540 5,164 128,667
At 31 March 2023 65,154 4,444 112,094

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 242,858 128,159 816,218
Additions 172,891 13,275 251,153
Disposals (21,819 ) (71,780 ) (110,114 )
At 31 March 2024 393,930 69,654 957,257
DEPRECIATION
At 1 April 2023 124,195 95,100 482,804
Charge for year 61,092 16,755 129,155
Eliminated on disposal (21,819 ) (71,780 ) (110,114 )
At 31 March 2024 163,468 40,075 501,845
NET BOOK VALUE
At 31 March 2024 230,462 29,579 455,412
At 31 March 2023 118,663 33,059 333,414

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 136,847
Additions 172,891
Disposals (9,697 )
Transfer to ownership (20,250 )
At 31 March 2024 279,791
DEPRECIATION
At 1 April 2023 63,764
Charge for year 45,259
Eliminated on disposal (9,697 )
Transfer to ownership (14,644 )
At 31 March 2024 84,682
NET BOOK VALUE
At 31 March 2024 195,109
At 31 March 2023 73,083

9. STOCKS
2024 2023
£    £   
Work-in-progress 1,134,627 2,928,653

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,941,704 6,589,952
Other debtors 74,250 115,486
Directors' loan accounts 220,000 -
Prepayments and accrued income 102,933 123,473
6,338,887 6,828,911

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 335,487 272,177
Hire purchase contracts (see note 14) 43,047 26,014
Trade creditors 4,379,415 7,143,630
Amounts owed to group undertakings 250,000 310,000
Tax 375,078 162,707
Social security and other taxes 1,103,375 897,664
Accruals and deferred income 313,468 93,284
6,799,870 8,905,476

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 126,497 20,228

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 335,487 272,177

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 43,047 26,014
Between one and five years 126,497 20,228
169,544 46,242

Non-cancellable operating leases
2024 2023
£    £   
Within one year 292,693 206,884
Between one and five years 661,401 564,480
In more than five years 712,500 712,500
1,666,594 1,483,864

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 335,487 272,177
Hire purchase contracts 169,544 46,242
505,031 318,419

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 82,902 51,926

Intoheat Limited (Registered number: 02069640)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 51,926
Provided during year 30,976
Balance at 31 March 2024 82,902

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,500 Ordinary Shares £1 1,500 1,500

18. RESERVES
Retained
earnings
£   

At 1 April 2023 2,977,645
Profit for the year 1,136,886
Dividends (810,000 )
At 31 March 2024 3,304,531

19. ULTIMATE PARENT COMPANY

Intoheat (Holdings) Limited. is regarded by the directors as being the company's ultimate parent company.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J G Rankin
Balance outstanding at start of year - -
Amounts advanced 220,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 220,000 -

The above loan was repaid in full in the forthcoming accounting period.

During the year the company paid rent in the sum of £70,500 (2023 £70,500) for premises owned by the personal pension schemes of the directors of the company.

21. ULTIMATE CONTROLLING PARTY

The controlling party of the company is Intoheat (Holdings) Limited. The ultimate controlling party of the company is J G Rankin, a director of the company.