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Company registration number: 01175165
Ho'ton Heating Limited
Pages for filing with Registrar
30 March 2024
Ho'ton Heating Limited
Contents
Statement of financial position
Notes to the financial statements
Ho'ton Heating Limited
Statement of financial position
30 March 2024
30/03/24 30/04/23
Note £ £ £ £
Fixed assets
Tangible assets 5 19,637 25,454
_______ _______
19,637 25,454
Current assets
Stocks 4,500 4,500
Debtors 6 18,585 13,755
Cash at bank and in hand 63,148 70,073
_______ _______
86,233 88,328
Creditors: amounts falling due
within one year 7 ( 106,670) ( 104,738)
_______ _______
Net current liabilities ( 20,437) ( 16,410)
_______ _______
Total assets less current liabilities ( 800) 9,044
Creditors: amounts falling due
after more than one year 8 ( 2,581) ( 9,172)
_______ _______
Net liabilities ( 3,381) ( 128)
_______ _______
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account ( 5,881) ( 2,628)
_______ _______
Shareholder deficit ( 3,381) ( 128)
_______ _______
For the period ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
Mr N A Drakesmith
Director
Company registration number: 01175165
Ho'ton Heating Limited
Notes to the financial statements
Period ended 30 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chilton Moor Schools, Fence Houses, Houghton-le-Spring, Tyne and Wear, DH4 6LU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The accounting reference date has been shortened from 30 April 2024 to 30 March 2024 and represents an eleven month period. As such the cuurent period figures are not wholly comparable with the prior period.
Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adeqaute resources to continue in operational existenece for the foreseeable future. The company therfore adopts the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 and 30 March 2024 6,087 10,245 60,388 76,720
_______ _______ _______ _______
Depreciation
At 1 May 2023 6,061 10,093 35,112 51,266
Charge for the year 4 21 5,792 5,817
_______ _______ _______ _______
At 30 March 2024 6,065 10,114 40,904 57,083
_______ _______ _______ _______
Carrying amount
At 30 March 2024 22 131 19,484 19,637
_______ _______ _______ _______
At 30 April 2023 26 152 25,276 25,454
_______ _______ _______ _______
6. Debtors
30/03/24 30/04/23
£ £
Trade debtors 18,378 13,755
Other debtors 207 -
_______ _______
18,585 13,755
_______ _______
7. Creditors: amounts falling due within one year
30/03/24 30/04/23
£ £
Trade creditors 32,757 28,068
Social security and other taxes 9,324 7,932
Other creditors 64,589 68,738
_______ _______
106,670 104,738
_______ _______
8. Creditors: amounts falling due after more than one year
30/03/24 30/04/23
£ £
Other creditors 2,581 9,172
_______ _______