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Registration number: 08674432

South West Heating Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

South West Heating Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

South West Heating Solutions Limited

Company Information

Directors

Mrs M E Klineberg

Mr N E Roden

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

South West Heating Solutions Limited

(Registration number: 08674432)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

77

127

Tangible assets

5

13,868

18,483

 

13,945

18,610

Current assets

 

Stocks

6

11,000

20,000

Debtors

7

43,591

66,323

Cash at bank and in hand

 

14,287

48,688

 

68,878

135,011

Creditors: Amounts falling due within one year

8

(77,984)

(73,574)

Net current (liabilities)/assets

 

(9,106)

61,437

Total assets less current liabilities

 

4,839

80,047

Creditors: Amounts falling due after more than one year

8

(975)

(5,642)

Provisions for liabilities

-

(3,512)

Net assets

 

3,864

70,893

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,764

70,793

Shareholders' funds

 

3,864

70,893

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The member has 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 18 June 2025 and signed on its behalf by:
 

 

South West Heating Solutions Limited

(Registration number: 08674432)
Balance Sheet as at 31 July 2024

.........................................
Mrs M E Klineberg
Director

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
Suite 5A
Old Station Business Park
Station Road
Perranporth
Cornwall
TR6 0LH

These financial statements were authorised for issue by the Board on 18 June 2025.

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 company has made a loss for comparative periods. The net liabilities of the company exceed the net assets for this period. These conditions indicate the existence of a material uncertaintainty that may cast significant doubt about the company's ability to continue as a going concern.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

25% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

25% reducing balance

Computer equipment

3 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Amortisation method and rate

Goodwill

10 years straight line

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. 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.

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.

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.

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

4

Intangible assets

Goodwill
 £

Seller's records
 £

Intellectual property
 £

Total
£

Cost or valuation

At 1 August 2023

500

1

1

502

At 31 July 2024

500

1

1

502

Amortisation

At 1 August 2023

375

-

-

375

Amortisation charge

50

-

-

50

At 31 July 2024

425

-

-

425

Carrying amount

At 31 July 2024

75

1

1

77

At 31 July 2023

125

1

1

127

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

5,597

36,979

42,576

At 31 July 2024

5,597

36,979

42,576

Depreciation

At 1 August 2023

5,136

18,957

24,093

Charge for the year

109

4,506

4,615

At 31 July 2024

5,245

23,463

28,708

Carrying amount

At 31 July 2024

352

13,516

13,868

At 31 July 2023

461

18,022

18,483

6

Stocks

2024
£

2023
£

Items for resale

11,000

20,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

40,629

46,634

Prepayments

-

1,666

Other debtors

2,962

18,023

 

43,591

66,323

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,667

4,667

Trade creditors

 

64,586

53,758

Taxation and social security

 

6,971

13,168

Accruals and deferred income

 

1,760

1,675

Other creditors

 

-

306

 

77,984

73,574

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

975

5,642

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

975

5,642

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

4,667

4,667

 

South West Heating Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mrs M E Klineberg

Director's Loan Account

15,845

10,400

(23,853)

2,392

         
       

Mr N E Roden

Director's Loan Account

265

305

-

570

         
       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mrs M E Klineberg

Director's Loan Account

15,546

29,025

(28,726)

15,845

         
       

Mr N E Roden

Director's Loan Account

265

-

-

265