Specific Heat (London) Ltd 31/10/2024 iXBRL

Company registration number: 07419084

Specific Heat (London) Ltd

Unaudited filleted financial statements

31 October 2024

Specific Heat (London) Ltd

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Specific Heat (London) Ltd

Directors and other information


	Directors	Mr A R Currie
		Mrs K Currie
		Mr R Gudgeon


	Secretary	K Currie


	Company number	07419084


	Registered office	Unit C4, Leyton Industrial Village
		Argall Avenue, Leyton
		London
		E10 7QP

Specific Heat (London) Ltd

Statement of financial position

31 October 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	14,893		28,873
		_______		_______
			14,893		28,873

Current assets
Stocks		178,492		68,200
Debtors	7	962,032		1,103,343
Cash at bank and in hand		46,191		637,331
		_______		_______
		1,186,715		1,808,874
Creditors: amounts falling due
within one year	8	( 774,645)		( 1,837,010)
		_______		_______
Net current assets/(liabilities)			412,070		( 28,136)
			_______		_______
Total assets less current liabilities			426,963		737

			_______		_______
Net assets			426,963		737
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			426,961		735
			_______		_______
Shareholders funds			426,963		737
			_______		_______

For the year ending 31 October 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 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.

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.

These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:

Mr A R Currie

Director

Company registration number: 07419084

Specific Heat (London) Ltd

Notes to the financial statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C4, Leyton Industrial Village, Argall Avenue, Leyton, London, E10 7QP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Straight line over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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:


Short leasehold property	-	Straight line over the life of the lease
Plant and machinery	-	25 %	straight line
Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 25 (2023: 24 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 November 2023 and 31 October 2024	70,000	70,000
	_______	_______
Amortisation
At 1 November 2023 and 31 October 2024	70,000	70,000
	_______	_______
Carrying amount
At 31 October 2024	-	-
	_______	_______
At 31 October 2023	-	-
	_______	_______

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 November 2023	74,157	7,127	68,566	149,850
Additions	-	-	1,730	1,730
	_______	_______	_______	_______
At 31 October 2024	74,157	7,127	70,296	151,580
	_______	_______	_______	_______
Depreciation
At 1 November 2023	45,730	7,127	68,120	120,977
Charge for the year	14,831	-	879	15,710
	_______	_______	_______	_______
At 31 October 2024	60,561	7,127	68,999	136,687
	_______	_______	_______	_______
Carrying amount
At 31 October 2024	13,596	-	1,297	14,893
	_______	_______	_______	_______
At 31 October 2023	28,427	-	446	28,873
	_______	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	883,708	1,055,436
Other debtors	78,324	47,907
	_______	_______
	962,032	1,103,343
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	247,465	509,859
Corporation tax	314,610	173,492
Social security and other taxes	190,503	122,222
Other creditors	22,067	1,031,437
	_______	_______
	774,645	1,837,010
	_______	_______

HSBC Bank Plc has a debenture dated 23 November 2011 for securing all monies due or to become due from the company.

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	65,000	81,842
Later than 1 year and not later than 5 years	-	73,421
	_______	_______
	65,000	155,263
	_______	_______

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mrs K Currie	10,000	( 10,000)	-
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mrs K Currie	-	10,000	10,000
		_______	_______	_______