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REGISTERED NUMBER: 02872297 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

HEATGLIDE LIMITED

HEATGLIDE LIMITED (REGISTERED NUMBER: 02872297)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HEATGLIDE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTOR: S Y Shah





SECRETARY: S Y Shah





REGISTERED OFFICE: 1 Doughty Street
London
WC1N 2PH





REGISTERED NUMBER: 02872297 (England and Wales)






HEATGLIDE LIMITED (REGISTERED NUMBER: 02872297)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 500,000 500,000

CURRENT ASSETS
Debtors 5 4,985 4,727
Cash at bank 5,464 14,144
10,449 18,871
CREDITORS
Amounts falling due within one year 6 680,310 668,019
NET CURRENT LIABILITIES (669,861 ) (649,148 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(169,861

)

(149,148

)

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Revaluation reserve - (607,587 )
Retained earnings (419,861 ) 208,439
(169,861 ) (149,148 )

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12th May 2025 and were signed by:





S Y Shah - Director


HEATGLIDE LIMITED (REGISTERED NUMBER: 02872297)

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


1. STATUTORY INFORMATION

Heatglide 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At 31st December 2024, the company had Net Liabilities and the issued share capital has been eroded due to the losses incurred. The validity of the going concern basis under which these financial statements are prepared, depends upon the continued support from the director and shareholders.

After making due enquiries, the director is confident that the company has sufficient resources to continue in existence for the foreseeable future. For this reason he continues to adopt the going concern basis in preparing the financial statements.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY


Fair value at 31st December 2024 is represented by:
£   
Valuation in 2020 825,000
Valuation in 2021 (325,000 )
500,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,985 4,727

HEATGLIDE LIMITED (REGISTERED NUMBER: 02872297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 90,308
Trade creditors - 2,892
Amounts owed to group undertakings 470,555 364,030
Taxation and social security 6,839 6,839
Other creditors 202,916 203,950
680,310 668,019

7. RELATED PARTY DISCLOSURES

As at 31 December 2024, the company owed £64,030 to Quill Impex Limited, a fellow group company (2023: £64,030).

As at 31 December 2024, the company owed £406,525 to Triple8 Limited, a fellow group company (2023: £300,000).

8. CONTROLLING PARTY

The directors regard The Staranega Trust, a trust incorporated in Liechtenstein, as the ultimate patent undertaking of Heatglide Limited.