Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Simon Mark Turner 07/12/2012 Alasdair James Woodbridge 07/12/2012 31 January 2025 The principal activity of the Company during the financial year was the manufacturing of non-electrical instruments and appliances
for measuring, testing and navigation.
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Company No: 08322261 (England and Wales)

HEAT GENIUS LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HEAT GENIUS LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HEAT GENIUS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
HEAT GENIUS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,181 5,832
7,181 5,832
Current assets
Stocks 182,192 120,743
Debtors 4 13,084 116,363
Cash at bank and in hand 47,743 ( 4,641)
243,019 232,465
Creditors: amounts falling due within one year 5 ( 436,093) ( 489,328)
Net current liabilities (193,074) (256,863)
Total assets less current liabilities (185,893) (251,031)
Creditors: amounts falling due after more than one year 6 ( 75,282) ( 96,878)
Net liabilities ( 261,175) ( 347,909)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 261,275 ) ( 348,009 )
Total shareholder's deficit ( 261,175) ( 347,909)

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Heat Genius Ltd (registered number: 08322261) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Alasdair James Woodbridge
Director
HEAT GENIUS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HEAT GENIUS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Heat Genius Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 Hylton Street, Birmingham, B18 6HJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 10

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 May 2023 6,344 6,979 13,323
Additions 0 4,631 4,631
At 30 April 2024 6,344 11,610 17,954
Accumulated depreciation
At 01 May 2023 5,075 2,416 7,491
Charge for the financial year 1,269 2,013 3,282
At 30 April 2024 6,344 4,429 10,773
Net book value
At 30 April 2024 0 7,181 7,181
At 30 April 2023 1,269 4,563 5,832

4. Debtors

2024 2023
£ £
Trade debtors 10,305 82,040
Deferred tax asset 1,279 32,168
Other debtors 1,500 2,155
13,084 116,363

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 43,495 73,919
Amounts owed to associates 307,501 307,501
Amounts owed to directors 1,157 10,072
Other loans 50,510 40,000
Accruals 2,600 2,500
Taxation and social security 29,640 54,146
Other creditors 1,190 1,190
436,093 489,328

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to directors 63,915 65,000
Other loans 11,367 31,878
75,282 96,878

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed to parent company 307,501 307,501

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 65,072 75,072

Repayments of £10,000 were made in the year, there is no interest charged on this balance.