Company registration number 08504708 (England and Wales)
HEAT SOLUTIONS (N.E) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HEAT SOLUTIONS (N.E) LIMITED
COMPANY INFORMATION
Director
J McIver
Company number
08504708
Registered office
189 Vine Street
Wallsend
Tyne & Wear
NE28 6JB
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Solicitors
Mulcahy Smith
21-23 Regent Terrace
Gateshead
Tyne And Wear
United Kingdom
NE8 1LU
HEAT SOLUTIONS (N.E) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
HEAT SOLUTIONS (N.E) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The group had another strong year in 2024, increasing turnover and profitability, this is against a backdrop of some very challenging market conditions. A significant proportion of the business’s turnover is derived from repeat clients. Which the business maintains through strong relationships and sharing a similar set of core values. We demand high standards from our supply chain and field engineers to offer a genuine end-to-end solution which leaves a lasting memory of quality and safety. The group continues to set the standards in all of the areas of work we carry out.

 

The company has mitigated the risks of labour shortages & inflationary and supply chain pressures, the 2024 performance demonstrates the resilience of the Company and serves to highlight its many strengths. These include the additional resilience by the talent and commitment of our workforce, our supply chain, and our long-term contracts. Throughout these challenges, we remained focused on our long-term strategic goals, and we continued to invest in our people, digitisation and business development.

 

Increasing each year, our maintenance and refurbishment divisions serve the social housing maintenance sector and continue to show strong growth. We made repairs and improvements to over 22500 homes year ending 2024, making a real difference to the communities we work in.

 

Our investment into business development has resulted in a strong year of long-term contract wins with local authorities providing A&J Keith Ltd with over 94% of budgeted turnover for 2025 already secured.

 

Turnover for 2024 was £18,689,179 (2023: £17,340,696), an increase of 7.78%. Profit before tax for the year was £2,702,244 in the year (2023: £1,686,879).

 

The group remains in a strong financial position with a balance sheet that comprises £9,470,927 (2023: £7,513,353) of net assets.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are those relating to the specific markets the group operates in and those relating to government planning and other regulations. Significant levels of our current activity relate to local authorities and housing associations, all of which could be impacted by legislation or changes to government spending priorities. The Director manages this risk by positioning the group within a range of relevant markets to reduce the exposure to adverse economic factors in any of the individual markets we operate in

Key performance indicators

 

KPI

Current Year

Prior Year

Measure

Growth in turnover

7.78%

57.19%

Year on year sales

Profit before tax

£2,702,244

£1,686,879

Year on year

Staff retention

96%

94%

Average staff retain in year/average staff

Number of apprentices and trainees

7

4

Apprenticeships created

 

HEAT SOLUTIONS (N.E) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Future developments

Trading for over 35 years the group was built on family values. We place a strong emphasis on being a responsible business and serving the local community, something which has earned our company community and commercial recognition from local charities and fastest 50 North East.

 

The business will continue to be a leading specialist in planned local authority improvements, repairs & maintenance, electrical, mechanical installation and compliance and decarbonisation services. We are differentiated by our unique combination of traditional values and forward thinking.

 

We pride ourselves on client satisfaction. Our commitment to training and quality of service is delivered through an ethos that combines stability, integrity, honesty, and sound policies and principles.

 

The Business continues to invest in its most asset, Our people. By doing this we have shown to have a proven track record to win long term contracts and a strong forward order book for the next 4 years of £88m.

 

We are well placed to deliver our strategic plan whilst providing an opportunity for employees to prosper and grow in a financially secure environment.

On behalf of the board

J McIver
Director
28 March 2025
HEAT SOLUTIONS (N.E) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of planned, responsive repairs and maintenance mainly for local authorities and housing associations in the North East of England including Electrical, Mechanical, and full building work refurbishments to improve housing stock and ensure compliance. This has been accompanied by a solar PV division carrying out retrofit renewable and decarbonisation works. The group has four trading names which specialise in each sector.

 

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £64,665. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J McIver
Financial instruments

Price risk is the risk that changes in labour and material prices have the potential to impact on the profitability of the group. The group does not consider that it is materially exposed to price risk.

Cash flow and liquidity risk is the risk that a group's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the Group is deemed sufficient to minimise the Group's exposure to cash flow and liquidity risk.

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The group does not consider that it is materially exposed to credit risk.

Future developments

See disclosures within the Strategic Report regarding future developments of the group.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

HEAT SOLUTIONS (N.E) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J McIver
Director
28 March 2025
HEAT SOLUTIONS (N.E) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HEAT SOLUTIONS (N.E) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEAT SOLUTIONS (N.E) LIMITED
- 6 -
Opinion

We have audited the financial statements of Heat Solutions (N.E) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HEAT SOLUTIONS (N.E) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEAT SOLUTIONS (N.E) LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

HEAT SOLUTIONS (N.E) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEAT SOLUTIONS (N.E) LIMITED
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
28 March 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
HEAT SOLUTIONS (N.E) LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
18,689,179
17,340,696
Cost of sales
(11,251,843)
(11,848,317)
Gross profit
7,437,336
5,492,379
Administrative expenses
(4,410,118)
(3,733,532)
Other operating income
7,677
4,709
Operating profit
4
3,034,895
1,763,556
Interest payable and similar expenses
8
(332,651)
(76,677)
Profit before taxation
2,702,244
1,686,879
Tax on profit
9
(680,005)
(325,085)
Profit for the financial year
22
2,022,239
1,361,794
Profit for the financial year is all attributable to the owners of the parent company.
HEAT SOLUTIONS (N.E) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
2,022,239
1,361,794
Other comprehensive income
-
-
Total comprehensive income for the year
2,022,239
1,361,794
Total comprehensive income for the year is all attributable to the owners of the parent company.
HEAT SOLUTIONS (N.E) LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
552,460
561,373
Current assets
Stocks
14
92,166
92,166
Debtors
15
12,734,954
10,879,455
Cash at bank and in hand
243,774
21
13,070,894
10,971,642
Creditors: amounts falling due within one year
16
(3,968,166)
(3,619,770)
Net current assets
9,102,728
7,351,872
Total assets less current liabilities
9,655,188
7,913,245
Creditors: amounts falling due after more than one year
17
(130,793)
(344,199)
Provisions for liabilities
Deferred tax liability
19
53,468
55,693
(53,468)
(55,693)
Net assets
9,470,927
7,513,353
Capital and reserves
Called up share capital
21
250
250
Share premium account
22
1
1
Profit and loss reserves
22
9,470,676
7,513,102
Total equity
9,470,927
7,513,353
The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
28 March 2025
J McIver
Director
Company registration number 08504708 (England and Wales)
HEAT SOLUTIONS (N.E) LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
250
250
Current assets
Cash at bank and in hand
1
1
Net current assets
1
1
Net assets
251
251
Capital and reserves
Called up share capital
21
250
250
Share premium account
22
1
1
Total equity
251
251

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £64,665 (2023 - £84,600 profit).

The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
28 March 2025
J McIver
Director
Company registration number 08504708 (England and Wales)
HEAT SOLUTIONS (N.E) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
250
1
6,235,908
6,236,159
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,361,794
1,361,794
Dividends
10
-
-
(84,600)
(84,600)
Balance at 31 March 2023
250
1
7,513,102
7,513,353
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
2,022,239
2,022,239
Dividends
10
-
-
(64,665)
(64,665)
Balance at 31 March 2024
250
1
9,470,676
9,470,927
HEAT SOLUTIONS (N.E) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
250
1
-
0
251
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
84,600
84,600
Dividends
10
-
-
(84,600)
(84,600)
Balance at 31 March 2023
250
1
-
0
251
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
64,665
64,665
Dividends
10
-
-
(64,665)
(64,665)
Balance at 31 March 2024
250
1
-
0
251
HEAT SOLUTIONS (N.E) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,309,003
(1,326,249)
Interest paid
(332,651)
(76,677)
Income taxes paid
(325,123)
-
0
Net cash inflow/(outflow) from operating activities
651,229
(1,402,926)
Investing activities
Purchase of tangible fixed assets
(10,162)
(3,386)
Net cash used in investing activities
(10,162)
(3,386)
Financing activities
Proceeds from new bank loans
-
836,285
Repayment of bank loans
(130,148)
(193,257)
Dividends paid to equity shareholders
(64,665)
(84,600)
Net cash (used in)/generated from financing activities
(194,813)
558,428
Net increase/(decrease) in cash and cash equivalents
446,254
(847,884)
Cash and cash equivalents at beginning of year
(202,480)
645,404
Cash and cash equivalents at end of year
243,774
(202,480)
Relating to:
Cash at bank and in hand
243,774
21
Bank overdrafts included in creditors payable within one year
-
(202,501)
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

Heat Solutions (N.E) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 189 Vine Street, Wallsend, Tyne & Wear, NE28 6JB.

 

The group consists of Heat Solutions (N.E) Limited and all of its subsidiaries.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Heat Solutions (N.E) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Following a significant property development by a related party, McIver Homes Limited, a large debtor remains outstanding at the year end. The director is confident of the recoverability of the debtor.

 

The company meets its day to day working capital requirements through cash generated from operations and external bank funding along with the use of an invoice discounting facility.

 

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

1.5
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.

1.6
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:

Plant and machinery
15% reducing balance
Fixtures and fittings
2% straight line
Office equipment
15% 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 recognised in the income statement.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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.

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.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.10
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 current liabilities.

1.11
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Retirement benefits

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

1.15
Leases

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are considered to be no significant judgements that management has made in the process of applying the entity's accounting policies which effect the amounts recognised in the financial statements.

 

There are considered to be no estimates and assumptions have been considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Contracting services
18,689,179
17,340,696
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
18,648
18,520
Loss on disposal of tangible fixed assets
427
-
Operating lease charges
4,401
8,574
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
995
Audit of the financial statements of the company's subsidiaries
18,450
17,450
19,950
18,445

The audit fee for the company is borne by the immediate subsidiary company A. & J. Keith Limited.

6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
70
64
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,584,739
2,422,273
-
0
-
0
Social security costs
204,769
193,515
-
-
Pension costs
45,847
40,986
-
0
-
0
2,835,355
2,656,774
-
0
-
0
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,416
12,439
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
332,651
76,677
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
682,216
328,206
Deferred tax
Origination and reversal of timing differences
(2,211)
(3,121)
Total tax charge
680,005
325,085

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,702,244
1,686,879
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
675,561
320,507
Tax effect of expenses that are not deductible in determining taxable profit
4,698
4,242
Adjustments in respect of prior years
(2,001)
-
0
Effect of change in corporation tax rate
-
(749)
Depreciation on assets not qualifying for tax allowances
1,747
1,085
Taxation charge
680,005
325,085
10
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
64,665.00
84,600.00
64,665
84,600
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
11
Tangible fixed assets
Group
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
41,619
585,054
61,901
4,975
693,549
Additions
-
0
-
0
10,162
-
0
10,162
Disposals
-
0
-
0
-
0
(4,975)
(4,975)
At 31 March 2024
41,619
585,054
72,063
-
0
698,736
Depreciation and impairment
At 1 April 2023
28,473
63,266
36,001
4,436
132,176
Depreciation charged in the year
1,970
11,701
4,865
112
18,648
Eliminated in respect of disposals
-
0
-
0
-
0
(4,548)
(4,548)
At 31 March 2024
30,443
74,967
40,866
-
0
146,276
Carrying amount
At 31 March 2024
11,176
510,087
31,197
-
0
552,460
At 31 March 2023
13,146
521,788
25,900
539
561,373
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
250
250
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
250
Carrying amount
At 31 March 2024
250
At 31 March 2023
250
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
A. & J. Keith Limited
189 Vine Street, Wallsend, Tyne And Wear, NE28 6JB
Electrical contractors
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
85,500
85,500
-
-
Work in progress
6,666
6,666
-
-
92,166
92,166
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
454,615
803,245
-
0
-
0
Other debtors
12,124,233
9,963,637
-
0
-
0
Prepayments and accrued income
156,106
112,573
-
0
-
0
12,734,954
10,879,455
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
644,927
764,170
-
0
-
0
Trade creditors
1,206,780
1,571,987
-
0
-
0
Corporation tax payable
1,010,421
653,314
-
0
-
0
Other taxation and social security
741,863
549,541
-
-
Other creditors
340,086
49,024
-
0
-
0
Accruals and deferred income
24,089
31,734
-
0
-
0
3,968,166
3,619,770
-
0
-
0
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
130,793
344,199
-
0
-
0
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
775,720
905,868
-
0
-
0
Bank overdrafts
-
0
202,501
-
0
-
0
775,720
1,108,369
-
-
Payable within one year
644,927
764,170
-
0
-
0
Payable after one year
130,793
344,199
-
0
-
0

Bank borrowings consist of:

 

A HSBC loan facility which was denominated in sterling with a nominal interest rate of 2.00% above base rate. The final instalment was repaid in January 2023.

 

The loan was secured by way of fixed and cloating charge over all assets.

 

A HSBC loan facility which is denominated in sterling with a nominal interest rate of 2.00% above base rate. The final instalment was due in February 2027.

 

The loan is secured by way of fixed and cloating charge over all assets.

 

An IWOCA loan facility which is denominated in sterling with a nominal interest rate of 76.53%. The final instalment is due in April 2024.

 

The loan is unsecured.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
55,693
58,430
Retirement benefit obligations
(2,225)
(2,737)
53,468
55,693
The company has no deferred tax assets or liabilities.
HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
55,693
-
Credit to profit or loss
(2,225)
-
Liability at 31 March 2024
53,468
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,847
40,986

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Included in the statement of financial position are unpaid pension contributions of £18,826 (2023: £25,628).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250
250
250
250
22
Reserves
Equity reserve

The cumulative profits and losses net of cumulative dividends.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
23
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,438
3,553
-
-
3,438
3,553
-
-
24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Group
Entities with common directors
4,370,167
7,468,662

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
314,920
18,207

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with common directors
12,124,233
9,963,367
25
Directors' transactions

Dividends totalling £64,655 (2023 - £84,600) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The ultimate controlling party is J McIver.

HEAT SOLUTIONS (N.E) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
2,022,239
1,361,794
Adjustments for:
Taxation charged
680,005
325,085
Finance costs
332,651
76,677
Loss on disposal of tangible fixed assets
427
-
Depreciation and impairment of tangible fixed assets
18,648
18,520
Movements in working capital:
Decrease in stocks
-
25,729
Increase in debtors
(1,855,499)
(4,220,389)
Increase in creditors
110,532
1,086,335
Cash generated from/(absorbed by) operations
1,309,003
(1,326,249)
28
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
21
243,753
243,774
Bank overdrafts
(202,501)
202,501
-
0
(202,480)
446,254
243,774
Borrowings excluding overdrafts
(905,868)
130,148
(775,720)
(1,108,348)
576,402
(531,946)
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