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Registration number: NI620387

RHI Water Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

RHI Water Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

RHI Water Ltd

(Registration number: NI620387)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

8,356

8,429

Tangible assets

5

4,330

4,981

 

12,686

13,410

Current assets

 

Stocks

6

12,506

12,035

Debtors

7

100,744

66,751

Cash at bank and in hand

 

121,147

85,281

 

234,397

164,067

Creditors: Amounts falling due within one year

8

(234,070)

(176,899)

Net current assets/(liabilities)

 

327

(12,832)

Total assets less current liabilities

 

13,013

578

Creditors: Amounts falling due after more than one year

8

(6,527)

(14,572)

Net assets/(liabilities)

 

6,486

(13,994)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

6,484

(13,996)

Shareholders' funds/(deficit)

 

6,486

(13,994)

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

 

RHI Water Ltd

(Registration number: NI620387)
Balance Sheet as at 30 September 2024

.........................................
Jonathan Coyle
Director

   
     
 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 8b
Loguestown Industrial Estate
Coleraine
County Londonderry
BT52 2NS
Northern Ireland

The Company Registration Number is: NI620387

The presentation currency is £ Sterling.
The level of rounding is to the nearest £.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Foreign currencies

Monetary assets and liabilities 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as stated in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% Straight Line

Office Equipment

20% Straight Line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Patents

Amortisation method and rate

20% Straight Line

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Financial instruments

Classification
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2023

145,907

145,907

Additions internally developed

2,810

2,810

At 30 September 2024

148,717

148,717

Amortisation

At 1 October 2023

137,477

137,477

Amortisation charge

2,884

2,884

At 30 September 2024

140,361

140,361

Carrying amount

At 30 September 2024

8,356

8,356

At 30 September 2023

8,429

8,429

5

Tangible assets

Office Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

-

5,327

5,327

Additions

508

-

508

At 30 September 2024

508

5,327

5,835

Depreciation

At 1 October 2023

-

346

346

Charge for the year

93

1,066

1,159

At 30 September 2024

93

1,412

1,505

Carrying amount

At 30 September 2024

415

3,915

4,330

At 30 September 2023

-

4,981

4,981

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

12,506

12,035

7

Debtors

Current

2024
£

2023
£

Trade debtors

46,936

66,751

Prepayments

51,060

-

Other debtors

2,748

-

 

100,744

66,751

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

8,045

8,045

Trade creditors

 

81,154

29,461

Taxation and social security

 

3,561

4,017

Accruals and deferred income

 

2,820

2,566

Other creditors

 

138,490

132,810

 

234,070

176,899

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

6,527

14,572

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,527

14,572

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,045

8,045

 

RHI Water Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Directors Advances, Credit and Guarantees

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Jonathan Coyle

132,381

(710)

710

132,381

The above loan is unsecured, interest free and repayable on demand.