Company registration number 07556814 (England and Wales)
DRUMMOND HEATING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DRUMMOND HEATING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DRUMMOND HEATING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
222,360
117,960
Current assets
Stocks
18,000
20,000
Debtors
5
287,599
293,245
Cash at bank and in hand
263,975
142,247
569,574
455,492
Creditors: amounts falling due within one year
6
(353,385)
(274,659)
Net current assets
216,189
180,833
Total assets less current liabilities
438,549
298,793
Creditors: amounts falling due after more than one year
7
(194,763)
(87,899)
Net assets
243,786
210,894
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
243,686
210,794
Total equity
243,786
210,894

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DRUMMOND HEATING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr A Drummond
Miss H Drummond
Director
Director
Company Registration No. 07556814
DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Drummond Heating Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15 Westlink, Belbins Business Park, Cupernham Lane, Romsey, Hampshire, SO51 7JF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
20% straight line
Plant and equipment
10%-33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. The company considers all its financial instruments to be basic.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
20,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
10,690
21,058
232,123
263,871
Additions
-
0
8,061
180,813
188,874
Disposals
-
0
-
0
(105,548)
(105,548)
At 31 March 2024
10,690
29,119
307,388
347,197
Depreciation and impairment
At 1 April 2023
10,690
9,855
125,366
145,911
Depreciation charged in the year
-
0
3,840
42,439
46,279
Eliminated in respect of disposals
-
0
-
0
(67,353)
(67,353)
At 31 March 2024
10,690
13,695
100,452
124,837
Carrying amount
At 31 March 2024
-
0
15,424
206,936
222,360
At 31 March 2023
-
0
11,203
106,757
117,960
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
222,424
219,711
Corporation tax recoverable
387
-
0
Other debtors
59,640
71,514
Prepayments and accrued income
5,148
2,020
287,599
293,245
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,502
10,648
Obligations under finance leases
26,971
53,301
Trade creditors
204,680
146,033
Corporation tax
4,726
28,373
Other taxation and social security
76,087
23,710
Other creditors
24,144
6,979
Accruals and deferred income
6,275
5,615
353,385
274,659
DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,613
23,375
Obligations under finance leases
156,150
39,524
Other borrowings
25,000
25,000
194,763
87,899
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60
60
60
60
Ordinary A shares of £1 each
30
30
30
30
Ordinary B shares of £1 each
10
10
10
10
100
100
100
100
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
25,000
25,000
25,000
25,000
Preference shares classified as liabilities
25,000
25,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,500
2,500
10
Related party transactions

Mr C Drummond

Mr C Drummond is an ex-director of Drummond Heating Limited making him a related party. At the year end the company was owed £1,146 (2023: £1,146) by Mr C Drummond. The loan is repayable on demand and no interest is charged.

DRUMMOND HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Alan Drummond
-
36,191
31,757
(36,191)
31,757
Heidi Drummond
-
35,322
41,736
(50,322)
26,736
71,513
73,493
(86,513)
58,493
2024-03-312023-04-01falsefalsefalse26 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr A DrummondMiss H DrummondMrs D Drummond075568142023-04-012024-03-31075568142024-03-31075568142023-03-3107556814core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3107556814core:PlantMachinery2024-03-3107556814core:MotorVehicles2024-03-3107556814core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3107556814core:PlantMachinery2023-03-3107556814core:MotorVehicles2023-03-3107556814core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107556814core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107556814core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107556814core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107556814core:CurrentFinancialInstruments2024-03-3107556814core:CurrentFinancialInstruments2023-03-3107556814core:Non-currentFinancialInstruments2024-03-3107556814core:Non-currentFinancialInstruments2023-03-3107556814core:ShareCapital2024-03-3107556814core:ShareCapital2023-03-3107556814core:RetainedEarningsAccumulatedLosses2024-03-3107556814core:RetainedEarningsAccumulatedLosses2023-03-3107556814core:ShareCapitalOrdinaryShares2024-03-3107556814core:ShareCapitalOrdinaryShares2023-03-3107556814bus:Director12023-04-012024-03-3107556814bus:Director22023-04-012024-03-3107556814core:Goodwill2023-04-012024-03-3107556814core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3107556814core:PlantMachinery2023-04-012024-03-3107556814core:MotorVehicles2023-04-012024-03-31075568142022-04-012023-03-3107556814core:NetGoodwill2023-03-3107556814core:NetGoodwill2024-03-3107556814core:NetGoodwill2023-03-3107556814core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3107556814core:PlantMachinery2023-03-3107556814core:MotorVehicles2023-03-31075568142023-03-3107556814bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107556814bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107556814bus:FRS1022023-04-012024-03-3107556814bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107556814bus:Director32023-04-012024-03-3107556814bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP