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REGISTERED NUMBER: SC268385 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Aspect Heating Limited

Aspect Heating Limited (Registered number: SC268385)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Aspect Heating Limited (Registered number: SC268385)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 14,873 20,391

CURRENT ASSETS
Stocks 44,876 8,751
Debtors 5 53,301 106,791
Cash at bank and in hand 113,460 146,227
211,637 261,769
CREDITORS
Amounts falling due within one year 6 (108,426 ) (121,563 )
NET CURRENT ASSETS 103,211 140,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,084

160,597

CREDITORS
Amounts falling due after more than one
year

7

(38,542

)

(53,091

)

PROVISIONS FOR LIABILITIES (2,156 ) (3,191 )
NET ASSETS 77,386 104,315

CAPITAL AND RESERVES
Called up share capital 9 9
Retained earnings 77,377 104,306
SHAREHOLDERS' FUNDS 77,386 104,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Aspect Heating Limited (Registered number: SC268385)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





Mr G Muir - Director


Aspect Heating Limited (Registered number: SC268385)

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

1. STATUTORY INFORMATION

Aspect Heating Limited is a private company, limited by shares, domiciled in Scotland, registration number SC268385. The registered office is 99 Main Street, Sauchie, Alloa, Clackmannanshire, FK10 3JT.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of plumbing and heating engineers, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
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 reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Aspect Heating Limited (Registered number: SC268385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023
and 31 May 2024 7,604 12,065 88,808 21,581 130,058
DEPRECIATION
At 1 June 2023 6,516 11,858 72,175 19,118 109,667
Charge for year 272 207 4,158 881 5,518
At 31 May 2024 6,788 12,065 76,333 19,999 115,185
NET BOOK VALUE
At 31 May 2024 816 - 12,475 1,582 14,873
At 31 May 2023 1,088 207 16,633 2,463 20,391

Aspect Heating Limited (Registered number: SC268385)

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

4. 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 June 2023 32,745
Transfer to ownership (15,995 )
At 31 May 2024 16,750
DEPRECIATION
At 1 June 2023 19,337
Charge for year 3,352
Transfer to ownership (12,189 )
At 31 May 2024 10,500
NET BOOK VALUE
At 31 May 2024 6,250
At 31 May 2023 13,408

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 37,597 71,463
Other debtors 15,704 35,328
53,301 106,791

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 18,635 18,382
Hire purchase contracts 2,333 4,312
Trade creditors 43,583 36,615
Taxation and social security 20,609 37,635
Other creditors 23,266 24,619
108,426 121,563

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 38,542 50,758
Hire purchase contracts - 2,333
38,542 53,091

Aspect Heating Limited (Registered number: SC268385)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 9,849

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 2,333 6,645

Hire purchase creditors are secured on the assets to which they relate.