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Registered number: 00846047
Heating And Pipework Installations (Staffs) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Directors' Report 1
Consolidated Profit and Loss Account 2
Consolidated Balance Sheet 3—4
Company Balance Sheet 5—6
Consolidated Statement of Changes in Equity 7
Notes to the Financial Statements 8—13
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors
The directors who held office during the year were as follows:
Mr D J Hood
Mr M A Swindells
Mr J B Gidman
Mr S Hayes Appointed 04/05/2023
Mrs J I Machin
Small Company Rules
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.
On behalf of the board
Mr M A Swindells
Director
29 January 2025
Page 1
Page 2
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 6,522,301 8,172,223
Cost of sales (5,234,592 ) (6,722,144 )
GROSS PROFIT 1,287,709 1,450,079
Administrative expenses (1,429,938 ) (1,348,699 )
OPERATING (LOSS)/PROFIT (142,229 ) 101,380
Profit on disposal of fixed assets 16,513 753
Other interest receivable and similar income 4,463 2,099
Interest payable and similar charges (1,807 ) (1,931 )
(LOSS)/PROFIT BEFORE TAXATION (123,060 ) 102,301
Tax on (Loss)/profit 12,960 (26,296 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (110,100 ) 76,005
The notes on pages 8 to 13 form part of these financial statements.
Page 2
Page 3
Consolidated Balance Sheet
Registered number: 00846047
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 475,177 524,545
Investment Properties 5 592,396 592,396
1,067,573 1,116,941
CURRENT ASSETS
Stocks 7 355,855 395,696
Debtors 8 1,830,269 2,003,734
Cash at bank and in hand 353,982 484,043
2,540,106 2,883,473
Creditors: Amounts Falling Due Within One Year 9 (1,348,684 ) (1,568,359 )
NET CURRENT ASSETS (LIABILITIES) 1,191,422 1,315,114
TOTAL ASSETS LESS CURRENT LIABILITIES 2,258,995 2,432,055
PROVISIONS FOR LIABILITIES
Deferred Taxation (43,691 ) (56,651 )
NET ASSETS 2,215,304 2,375,404
CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Profit and Loss Account 2,115,304 2,275,404
SHAREHOLDERS' FUNDS 2,215,304 2,375,404
Page 3
Page 4
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr M A Swindells
Director
29 January 2025
The notes on pages 8 to 13 form part of these financial statements.
Page 4
Page 5
Company Balance Sheet
Registered number: 00846047
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 475,176 524,545
Investment Properties 5 592,396 592,396
Investments 6 1,504 1,504
1,069,076 1,118,445
CURRENT ASSETS
Debtors 8 675,092 471,590
Cash at bank and in hand 175,291 355,219
850,383 826,809
Creditors: Amounts Falling Due Within One Year 9 (688,788 ) (665,666 )
NET CURRENT ASSETS (LIABILITIES) 161,595 161,143
TOTAL ASSETS LESS CURRENT LIABILITIES 1,230,671 1,279,588
PROVISIONS FOR LIABILITIES
Deferred Taxation (43,691 ) (56,651 )
NET ASSETS 1,186,980 1,222,937
CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Profit and Loss Account 1,086,980 1,122,937
SHAREHOLDERS' FUNDS 1,186,980 1,222,937
Page 5
Page 6
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 14,043 (2023: £(16,180 ) profit).
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M A Swindells
Director
29 January 2025
The notes on pages 8 to 13 form part of these financial statements.
Page 6
Page 7
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 100,000 2,249,399 2,349,399
Profit for the year and total comprehensive income - 76,005 76,005
Dividends paid - (50,000) (50,000)
As at 30 April 2023 and 1 May 2023 100,000 2,275,404 2,375,404
Loss for the year and total comprehensive income - (110,100 ) (110,100)
Dividends paid - (50,000) (50,000)
As at 30 April 2024 100,000 2,115,304 2,215,304
Page 7
Page 8
Notes to the Financial Statements
1. General Information
Heating And Pipework Installations (Staffs) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00846047 . The registered office is Leigh House, Leigh Lane, Longbridge Hayes, Stoke on Trent, Staffordshire, ST6 4PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 April 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Interest receivable
Interest income is recognised using the effective interest method
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on reducing balance
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on reducing balance
2.6. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.10. Leases
Rentals payable and receivable under operating leases are charged to the profit and loss accounts on a straight line basis over the period of the lease.
2.11. Employee benefits
When employees have rendered service to the group, short-term employee benefits to which the employees are entitled  are recognised at the undiscounted amount expected to be paid in exchange for that service.
The group operates two defined contribution plans for the benefit of its employees. Contributions are expensed as they become payable.
Long term contracts
Long term contracts are assessed on a contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses.  Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which turnover exceeds payments on account is classified as "amounts recoverable on contracts" and included in debtors; to the extent that payments on account exceed relevant turnover, the excess is included as a creditor.  The amount of long-term contracts, at cost net of amounts transferred to cost of sales, less provision for foreseeable losses and payments on account not matched with turnover, is included within stocks.
2.12. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Group
Average number of employees, including directors, during the year was:  46 (2023: 50)
Company
Average number of employees, including directors, during the year was: 6 (2023: 6)
46 50
6 6
4. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 375,708 211,707 622,820 18,342 1,228,577
Additions - 1,642 65,113 - 66,755
Disposals - - (129,941 ) - (129,941 )
As at 30 April 2024 375,708 213,349 557,992 18,342 1,165,391
...CONTINUED
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Depreciation
As at 1 May 2023 145,034 184,570 361,925 12,503 704,032
Provided during the period 3,513 5,760 73,441 1,168 83,882
Disposals - - (97,700 ) - (97,700 )
As at 30 April 2024 148,547 190,330 337,666 13,671 690,214
Net Book Value
As at 30 April 2024 227,161 23,019 220,326 4,671 475,177
As at 1 May 2023 230,674 27,137 260,895 5,839 524,545
Freehold land totalling £55,000 (2023 £55,000) is not depreciated.
Company
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 375,708 211,707 622,820 18,342 1,228,577
Additions - 1,642 65,113 - 66,755
Disposals - - (129,941 ) - (129,941 )
As at 30 April 2024 375,708 213,349 557,992 18,342 1,165,391
Depreciation
As at 1 May 2023 145,034 184,570 361,925 12,503 704,032
Provided during the period 3,514 5,760 73,441 1,168 83,883
Disposals - - (97,700 ) - (97,700 )
As at 30 April 2024 148,548 190,330 337,666 13,671 690,215
Net Book Value
As at 30 April 2024 227,160 23,019 220,326 4,671 475,176
As at 1 May 2023 230,674 27,137 260,895 5,839 524,545
Freehold land totalling £55,000 (2022 £55,000) is not depreciated.
5. Investment Property
Group
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 592,396
Company
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 592,396
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6. Investments
Company
Subsidiaries
£
Cost
As at 1 May 2023 1,504
As at 30 April 2024 1,504
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 1,504
As at 1 May 2023 1,504
7. Stocks
2024 2023
£ £
Materials 123,719 112,622
Work in progress 47,545 92,248
Long term contracts 184,591 190,826
355,855 395,696
8. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 473,758 396,631 813 1,000
Amounts recoverable on contracts 1,145,954 1,398,167 - -
Prepayments and accrued income 139,289 118,037 103,556 82,064
Other debtors 47,498 29,451 29,451 29,451
VAT 19,870 57,548 6,154 5,962
Directors' loan accounts 3,900 3,900 - -
Amounts owed by group undertakings - - 535,118 353,113
1,830,269 2,003,734 675,092 471,590
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9. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 985,556 1,239,002 98,189 80,715
Corporation tax - 822 - -
Other taxes and social security 42,920 52,858 4,265 4,414
Other creditors 102,861 100,018 20,825 19,486
Directors' loan accounts 330 330 1,704 1,704
Amounts owed to group undertakings - - 563,805 559,347
Payments on account 217,017 175,329 - -
1,348,684 1,568,359 688,788 665,666
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100,000 Ordinary Shares of £ 1.00 each 100,000 100,000
11. Other Commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £96,013 (2023 £67,539).
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr David Hood 1,680 - - - 1,680
Mr Mark Swindells 2,220 - - - 2,220
The above loans have been provided interest free and repayable on demand.
Page 13