IRIS Accounts Production v24.3.2.46 01806015 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018060152023-08-31018060152024-08-31018060152023-09-012024-08-31018060152022-08-31018060152022-09-012023-08-31018060152023-08-3101806015ns15:EnglandWales2023-09-012024-08-3101806015ns14:PoundSterling2023-09-012024-08-3101806015ns10:Director12023-09-012024-08-3101806015ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3101806015ns10:SmallEntities2023-09-012024-08-3101806015ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3101806015ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3101806015ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3101806015ns10:FullAccounts2023-09-012024-08-310180601512023-09-012024-08-3101806015ns10:Director22023-09-012024-08-3101806015ns10:RegisteredOffice2023-09-012024-08-3101806015ns5:CurrentFinancialInstruments2024-08-3101806015ns5:CurrentFinancialInstruments2023-08-3101806015ns5:ShareCapital2024-08-3101806015ns5:ShareCapital2023-08-3101806015ns5:CapitalRedemptionReserve2024-08-3101806015ns5:CapitalRedemptionReserve2023-08-3101806015ns5:RetainedEarningsAccumulatedLosses2024-08-3101806015ns5:RetainedEarningsAccumulatedLosses2023-08-3101806015ns5:NetGoodwill2023-09-012024-08-3101806015ns5:PlantMachinery2023-09-012024-08-3101806015ns5:NetGoodwill2023-08-3101806015ns5:NetGoodwill2024-08-3101806015ns5:NetGoodwill2023-08-3101806015ns5:PlantMachinery2023-08-3101806015ns5:PlantMachinery2024-08-3101806015ns5:PlantMachinery2023-08-3101806015ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3101806015ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3101806015ns5:WithinOneYear2024-08-3101806015ns5:WithinOneYear2023-08-3101806015ns5:BetweenOneFiveYears2024-08-3101806015ns5:BetweenOneFiveYears2023-08-3101806015ns5:AllPeriods2024-08-3101806015ns5:AllPeriods2023-08-3101806015ns5:Secured2024-08-3101806015ns5:Secured2023-08-31
REGISTERED NUMBER: 01806015 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Heating Components & Equipment Limited

Heating Components & Equipment Limited (Registered number: 01806015)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Heating Components & Equipment Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr S P Hall
Mr A Robinson





REGISTERED OFFICE: Unit 14-16
Baltic Road Industrial Estate
Felling
Gateshead
Tyne and Wear
NE10 0SB





REGISTERED NUMBER: 01806015 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Heating Components & Equipment Limited (Registered number: 01806015)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 34,250 44,697
34,250 44,697

CURRENT ASSETS
Stocks 789,981 805,057
Debtors 7 374,505 331,038
Cash in hand 700 510
1,165,186 1,136,605
CREDITORS
Amounts falling due within one year 8 (548,888 ) (541,591 )
NET CURRENT ASSETS 616,298 595,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

650,548

639,711

CAPITAL AND RESERVES
Called up share capital 50,200 50,200
Capital redemption reserve 60,200 60,200
Profit and loss account 540,148 529,311
SHAREHOLDERS' FUNDS 650,548 639,711

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

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

The directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mr S P Hall - Director


Heating Components & Equipment Limited (Registered number: 01806015)

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

1. STATUTORY INFORMATION

Heating Components & Equipment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of heating equipment and components stated net of discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company and is when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of delivery of the goods.

Goodwill
Intangible fixed assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their useful economic life, using the straight line method.

The intangible assets are amortised over the following useful economic lives:

Goodwill - 5 years

In the opinion of the directors this represents the period over which the goodwill is effective.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 10% - 33% Straight line

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.


Heating Components & Equipment Limited (Registered number: 01806015)

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

3. ACCOUNTING POLICIES - continued
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

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 and 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 and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated in the same manner as tangible fixed assets. The related obligations, net of future finance charges are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term 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.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 995,496
AMORTISATION
At 1 September 2023
and 31 August 2024 995,496
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

Heating Components & Equipment Limited (Registered number: 01806015)

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

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 178,875
Additions 5,747
Disposals (2,958 )
At 31 August 2024 181,664
DEPRECIATION
At 1 September 2023 134,178
Charge for year 16,194
Eliminated on disposal (2,958 )
At 31 August 2024 147,414
NET BOOK VALUE
At 31 August 2024 34,250
At 31 August 2023 44,697


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 355,722 311,090
Other debtors 18,783 19,948
374,505 331,038

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 201,549 193,954
Trade creditors 298,217 289,502
Taxation and social security 35,102 22,377
Other creditors 14,020 35,758
548,888 541,591

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 14,403 7,625
Between one and five years 16,870 8,050
31,273 15,675

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 201,549 193,954

The bank overdraft is secured by way of a fixed and floating charge over the company's assets.