Registered number
00735409
Heatsets Limited
Report and Unaudited Accounts
31 October 2024
Collins
Chartered Accountants
West Midlands
Heatsets Limited
Registered number: 00735409
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 10,406 13,445
Current assets
Stocks 450 550
Debtors 4 485 1,151
Cash at bank and in hand 6,036 2,727
6,971 4,428
Creditors: amounts falling due within one year 5 (14,922) (12,775)
Net current liabilities (7,951) (8,347)
Total assets less current liabilities 2,455 5,098
Creditors: amounts falling due after more than one year 6 (2,000) (5,000)
Net assets 455 98
Capital and reserves
Called up share capital 4 4
Profit and loss account 448 91
Capital redemption reserve 3 3
Shareholders' funds 455 98
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I McWhirter
Director
Approved by the board on 12 June 2025
Heatsets Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from provision of services, and is recognised when the service is performed.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets,at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment over 4 years and 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are also recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2023 11,935 23,102 35,037
Additions 319 - 319
At 31 October 2024 12,254 23,102 35,356
Depreciation
At 1 November 2023 11,018 10,574 21,592
Charge for the year 293 3,065 3,358
At 31 October 2024 11,311 13,639 24,950
Net book value
At 31 October 2024 943 9,463 10,406
At 31 October 2023 917 12,528 13,445
4 Debtors 2024 2023
£ £
Trade debtors 300 650
Prepayments and accrued income 185 501
485 1,151
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan 3,000 3,000
Trade creditors 4,339 4,496
Corporation tax 2,908 2,320
Other taxes and social security costs 204 184
Directors loans 2,431 855
Accruals and deferred income 2,040 1,920
14,922 12,775
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,000 5,000
7 Controlling party
The company is under the control of I McWhirter
8 Other information
Heatsets Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Castle Bromwich Hall
Chester Road
Castle Bromwich
West Midlands
B36 9DE
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