17 false false false false false false false false false false true false false false false false false No description of principal activity 2024-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 01367785 2024-03-01 2025-02-28 01367785 2025-02-28 01367785 2024-02-29 01367785 2023-03-01 2024-02-29 01367785 2024-02-29 01367785 2023-02-28 01367785 core:PlantMachinery 2024-03-01 2025-02-28 01367785 core:FurnitureFittings 2024-03-01 2025-02-28 01367785 core:MotorVehicles 2024-03-01 2025-02-28 01367785 bus:Director1 2024-03-01 2025-02-28 01367785 bus:Director2 2024-03-01 2025-02-28 01367785 core:PlantMachinery 2024-02-29 01367785 core:FurnitureFittings 2024-02-29 01367785 core:MotorVehicles 2024-02-29 01367785 core:PlantMachinery 2025-02-28 01367785 core:FurnitureFittings 2025-02-28 01367785 core:MotorVehicles 2025-02-28 01367785 core:WithinOneYear 2025-02-28 01367785 core:WithinOneYear 2024-02-29 01367785 core:AfterOneYear 2025-02-28 01367785 core:AfterOneYear 2024-02-29 01367785 core:ShareCapital 2025-02-28 01367785 core:ShareCapital 2024-02-29 01367785 core:RetainedEarningsAccumulatedLosses 2025-02-28 01367785 core:RetainedEarningsAccumulatedLosses 2024-02-29 01367785 core:PlantMachinery 2024-02-29 01367785 core:FurnitureFittings 2024-02-29 01367785 core:MotorVehicles 2024-02-29 01367785 bus:SmallEntities 2024-03-01 2025-02-28 01367785 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 01367785 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 01367785 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 01367785 bus:FullAccounts 2024-03-01 2025-02-28
COMPANY REGISTRATION NUMBER: 01367785
Heating & Process Engineering Services Limited
Filleted Unaudited Financial Statements
28 February 2025
Heating & Process Engineering Services Limited
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
6
73,418
91,266
Current assets
Stocks
53,018
43,208
Debtors
7
407,040
415,893
Cash at bank and in hand
87,150
145,734
---------
---------
547,208
604,835
Creditors: amounts falling due within one year
8
355,025
346,810
---------
---------
Net current assets
192,183
258,025
---------
---------
Total assets less current liabilities
265,601
349,291
Creditors: amounts falling due after more than one year
9
9,066
19,100
Provisions
17,849
22,141
---------
---------
Net assets
238,686
308,050
---------
---------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
233,686
303,050
---------
---------
Shareholders funds
238,686
308,050
---------
---------
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.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Heating & Process Engineering Services Limited
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 1 May 2025 , and are signed on behalf of the board by:
Mr S Allitt
Mr P A Mathieson
Director
Director
Company registration number: 01367785
Heating & Process Engineering Services Limited
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Court, Unit 1, Crompton Road Industrial Estate, Ilkeston, Derbyshire, DE7 4BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2024: 18 ).
5. Operating lease commitments
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows: £14,875 (2024:£28,490)
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
65,360
72,763
100,099
238,222
Additions
2,702
2,702
--------
--------
---------
---------
At 28 February 2025
65,360
75,465
100,099
240,924
--------
--------
---------
---------
Depreciation
At 1 March 2024
40,050
63,236
43,670
146,956
Charge for the year
3,797
2,645
14,108
20,550
--------
--------
---------
---------
At 28 February 2025
43,847
65,881
57,778
167,506
--------
--------
---------
---------
Carrying amount
At 28 February 2025
21,513
9,584
42,321
73,418
--------
--------
---------
---------
At 29 February 2024
25,310
9,527
56,429
91,266
--------
--------
---------
---------
7. Debtors
2025
2024
£
£
Trade debtors
350,435
404,139
Other debtors
56,605
11,754
---------
---------
407,040
415,893
---------
---------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
185,590
177,507
Amounts owed to group undertakings and undertakings in which the company has a participating interest
44,361
1,297
Corporation tax
51,718
81,593
Social security and other taxes
48,062
56,908
Other creditors
15,294
19,505
---------
---------
355,025
346,810
---------
---------
Within creditors due within one year, a bank loan of £10,000 (2024: £10,000) is secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments.
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
9,066
19,100
-------
--------
Within creditors falling due after more than one year, a bank loan of £9,066 (2024: £19,100) is secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments.
10. Controlling party
The controlling party is Heatpro Engineering Limited. The registered office of this company is Orchard Court, Unit 1 Crompton Road Industrial Estate, Ilkeston, Derbyshire, DE7 4BG.