REGISTERED NUMBER: SC289495 (Scotland)

Financial Statements

for the Year Ended

31 October 2024

for

THE ELECTRIC HEATING COMPANY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T W Walters

C Allan

D Leng

D Barrett

REGISTERED OFFICE:

Block 5, Unit 40

Third Road

Blantyre Industrial Estate

Blantyre

G72 0UP

REGISTERED NUMBER:

SC289495 (Scotland)

AUDITORS:

WDM Associates (Statutory Auditors)

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

FIXED ASSETS

Tangible assets

4

50,963

261,189

CURRENT ASSETS

Stocks

463,860

504,992

Debtors

5

4,527,730

4,101,685

Cash at bank and in hand

227,318

572,977

5,218,908

5,179,654

CREDITORS

Amounts falling due within one year

6

(770,057

)

(1,062,499

)

NET CURRENT ASSETS

4,448,851

4,117,155

TOTAL ASSETS LESS CURRENT LIABILITIES

4,499,814

4,378,344

CREDITORS

Amounts falling due after more than one year

7

(11,179

)

(15,239

)

NET ASSETS

4,488,635

4,363,105

CAPITAL AND RESERVES

Called up share capital

17,022

17,022

Share premium

28,974

28,974

Retained earnings

4,442,639

4,317,109

SHAREHOLDERS' FUNDS

4,488,635

4,363,105

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 Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:

D Barrett - Director

1.	STATUTORY INFORMATION

The Electric Heating Company Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

50% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at lower of cost and estimated selling price less costs to complete and sell. Stock is calculated on a first in first out basis and consists of goods for resale.

Basic financial instruments

Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2023

261,678

22,299

143,153

35,403

462,533

Additions

-

-

14,375

-

14,375

Disposals

(261,678

)

-

-

-

(261,678

)

At 31 October 2024

-

22,299

157,528

35,403

215,230

DEPRECIATION

At 1 November 2023

51,130

20,067

117,980

12,167

201,344

Charge for year

-

336

7,909

5,808

14,053

Eliminated on disposal

(51,130

)

-

-

-

(51,130

)

At 31 October 2024

-

20,403

125,889

17,975

164,267

NET BOOK VALUE

At 31 October 2024

-

1,896

31,639

17,428

50,963

At 31 October 2023

210,548

2,232

25,173

23,236

261,189

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2023

and 31 October 2024

35,403

DEPRECIATION

At 1 November 2023

12,167

Charge for year

5,808

At 31 October 2024

17,975

NET BOOK VALUE

At 31 October 2024

17,428

At 31 October 2023

23,236

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

633,612

583,209

Amounts owed by group undertakings

3,863,924

3,474,104

Deferred tax asset

3,230

3,803

Prepayments

26,964

40,569

4,527,730

4,101,685

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

4,060

4,060

Trade creditors

453,041

665,729

Tax

44,391

125,507

Social security and other taxes

29,194

32,364

VAT

185,396

194,514

Accrued expenses

53,975

40,325

770,057

1,062,499

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

11,179

15,239

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

15,239

19,299

Hire purchase creditors are secured over the assets concerned.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Bonomy (Senior Statutory Auditor)

for and on behalf of WDM Associates (Statutory Auditors)

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.