Registered number
07097162
GREENSTONE HEAT PUMPS AND UNDERFLOOR LIMITED
Filleted Accounts
31 May 2024
GREENSTONE HEAT PUMPS AND UNDERFLOOR LIMITED
Registered number: 07097162
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 53,874 56,211
Current assets
Stocks 840 840
Debtors 4 48,761 57,504
Cash at bank and in hand 4,869 29,900
54,470 88,244
Creditors: amounts falling due within one year 5 (37,311) (46,876)
Net current assets 17,159 41,368
Total assets less current liabilities 71,033 97,579
Creditors: amounts falling due after more than one year 6 (14,188) (39,186)
Provisions for liabilities (10,236) (10,680)
Net assets 46,609 47,713
Capital and reserves
Called up share capital 2 2
Profit and loss account 46,607 47,711
Shareholders' funds 46,609 47,713
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D. A. Little
Director
Approved by the board on 14 January 2025
GREENSTONE HEAT PUMPS AND UNDERFLOOR LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings & equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings & equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 37,517 20,496 35,193 93,206
Additions 3,650 - - 3,650
At 31 May 2024 41,167 20,496 35,193 96,856
Depreciation
At 1 June 2023 10,331 3,689 22,975 36,995
Charge for the year 3,084 1,681 1,222 5,987
At 31 May 2024 13,415 5,370 24,197 42,982
Net book value
At 31 May 2024 27,752 15,126 10,996 53,874
At 31 May 2023 27,186 16,807 12,218 56,211
4 Debtors 2024 2023
£ £
Trade debtors 230 3,213
Other debtors 48,531 54,291
48,761 57,504
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,133 8,321
Taxation and social security costs 20,068 27,304
Other creditors 2,110 1,251
37,311 46,876
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
Obligations under finance lease and hire purchase contracts 4,188 19,186
14,188 39,186
7 Other information
GREENSTONE HEAT PUMPS AND UNDERFLOOR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 Netherfield Farm Close
Penistone
Sheffield
South Yorkshire
S36 7AE
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