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Registered number: 03401820
 





 
HRS HEVAC LIMITED

FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
HRS HEVAC LIMITED
 

COMPANY INFORMATION


Directors
J A Thomas 
D Williamson 
I C Sheriff 




Company secretary
I C Sheriff



Registered number
03401820



Registered office
3 Abloy House
Hatters Lane

Watford

Hertfordshire

WD18 8AJ




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
HRS HEVAC LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
HRS HEVAC LIMITED
REGISTERED NUMBER: 03401820

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Current assets
  

Debtors
 4 
1,025,527
1,072,097

Cash at bank and in hand
  
4,198
6,147

  
1,029,725
1,078,244

Creditors: amounts falling due within one year
 5 
(308,262)
(310,769)

Total assets less current liabilities
  
 
 
721,463
 
 
767,475

Provisions
  
(87,400)
(140,050)

Net assets
  
634,063
627,425


Capital and reserves
  

Allotted, called up and full paid share capital
 6 
310,000
310,000

Profit and loss account
  
324,063
317,425

Equity shareholder's funds
  
634,063
627,425


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company had opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
 3 April 2025.




J A Thomas
Director
The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
HRS HEVAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

HRS Hevac Limited (company number: 03401820), having its registered office and trading address at 3 Abloy House, Hatters Lane, Watford, Hertfordshire, England, WD18 8AJ, is a private limited company incorporated in England and Wales. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company has made a profit of £6,638 (2023 loss: £90,572) during the year and has net assets of £634,063 (2023: £627,425). On 30 December 2022, the trading business of the Company was sold to a 3rd party meaning that this entity will continue to no longer have a trade moving forward. The Company will remain in operation until all debts are received and liabilities paid. 
The accounts have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

  
2.3

Statement of Cash Flows

The Company has taken advantage of the exemption in section 1A.7 of Financial Reporting standard 102 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 2

 
HRS HEVAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings  except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
HRS HEVAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


  
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

Page 4

 
HRS HEVAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 5).


4.


Debtors

2024
2023
£
£

Amounts due within one year

Trade debtors
14,616
10,000

Amounts owed by group undertakings
981,082
1,016,702

Other debtors
-
14,113

Prepayments and accrued income
29,829
31,282

1,025,527
1,072,097



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
87
35,302

Amounts owed to group undertakings
300,125
262,598

Other taxation and social security
550
3,369

Accruals and deferred income
7,500
9,500

308,262
310,769




Page 5

 
HRS HEVAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000
300,000 (2023 - 300,000) Ordinary 'A' shares shares of £1.00 each
300,000
300,000

310,000

310,000



7.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
98,584
93,285

Later than 1 year and not later than 5 years
8,215
101,058

106,799
194,343


8.


Immediate and ultimate parent undertaking

As at 31 December 2024 and 31 December 2023, the Company's immediate parent undertaking was HRS Investments Limited, a company incorporated in England and Wales.
As at 31 December 2024 and 31 December 2023, the Company's ultimate parent undertaking was Exchanger Industries Limited, a company incorporated in Canada.
The smallest group in which the Company's results are consolidated is headed by Exchanger Industries UK Limited. These consolidated accounts are available to the public, and may be obtained from:
3 Abloy House, Hatters Lane, Watford, Hertfordshire, WD18 8AJ.


9.


Related party disclosures

The Company has taken advantage from the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group. 


10.


Auditors' information

The Company was subject to an audit for the year ended 31 December 2024. The audit report was issued with an unqualified opinion and an emphasis of matter paragraph in relation to going concern, referring to accounting policy 2.2, and signed on 04 April 2025 by Charlotte Willmore BFP ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 6