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REGISTERED NUMBER: 03591258 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PAINE MANWARING HEATING LIMITED

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


PAINE MANWARING HEATING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: A D Prager
J M Preston
A J Doick
J Seaman
C P Hornsbury





SECRETARY: C J Linford





REGISTERED OFFICE: Unit D Easting Close
Dominion Way
Worthing
West Sussex
BN14 8HQ





REGISTERED NUMBER: 03591258 (England and Wales)





INDEPENDENT AUDITORS: Lewis Brownlee (Chichester) Limited
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their strategic report for the year ended 31 March 2025.

FAIR REVIEW OF THE BUSINESS
The company reports revenue in 2024/25 of £0.3m.

The operating profit for the year of £0.2m is considered a good result and a fair return for the company's shareholder.

The statement of financial position further confirms the company's financial strength at £3.8m in total equity.

PRINCIPAL RISKS AND UNCERTAINTIES
The activities of the company are directly linked with its subsidiary company Paine Manwaring Limited where its fortunes in the heating and electrical trade are closely tied to those of the construction industry as a whole, which is currently reporting difficulties for similar sized companies with the continued significant inflationary pressures on materials and the cost-of-living crisis fueling wage increases.

There is also a workforce skillset shortage within the plumbing and electrical trade which is putting continued pressure on direct labour costs and the Gross margin achieved, the Directors have maintained the number and continue to invest in apprentices within the company over the last 12 months help mitigate this impact.

The current uncertainties in the wider economy are a risk, with the unknown effect on demand for new projects and business failures within the industry which may affect some companies in the industry directly or indirectly. Increasing regulation and health and safety requirements are always a further risk and uncertainty.

The company's healthy asset, robust business plan, continuous staff training and high compliance levels seeks to mitigate all of those risks as far as possible.

ON BEHALF OF THE BOARD:





A D Prager - Director


11 July 2025

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company providing assets and management services to its subsidiary undertaking.

DIVIDENDS
Ordinary dividends were paid amounting to £992,910 (2024 - £58,830). The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS
The directors' consideration of future events, including the principal risks and uncertainties related to these, are included within the Strategic Report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A D Prager
J M Preston
A J Doick
J Seaman
C P Hornsbury

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity risks associated with the company’s activities.

The company’s principal financial instruments do not include derivative financial instruments. The company has various other financial assets and liabilities such as intra-group debtors and creditors.

Liquidity risk
The company manages its cash and any borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A D Prager - Director


11 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING HEATING LIMITED


Opinion
We have audited the financial statements of Paine Manwaring Heating Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING HEATING LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006 and taxation legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING HEATING LIMITED


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance, where applicable;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

11 July 2025

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £ £ £ £

TURNOVER 3 336,084 295,690

Cost of sales 98,607 79,535
GROSS PROFIT 237,477 216,155

Administrative expenses 25,261 24,367
OPERATING PROFIT 5 212,216 191,788

Income from fixed asset investments 1,100,000 -
Interest receivable and similar income 6,663 4,337
1,106,663 4,337
1,318,879 196,125

Interest payable and similar expenses 6 4,316 2,571
PROFIT BEFORE TAXATION 1,314,563 193,554

Tax on profit 7 54,101 48,027
PROFIT FOR THE FINANCIAL YEAR 1,260,462 145,527

Retained earnings at beginning of year 3,445,501 3,358,804

Dividends 8 (992,910 ) (58,830 )

RETAINED EARNINGS AT END OF YEAR 3,713,053 3,445,501

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 320,534 297,404
Investments 10 281,400 281,400
601,934 578,804

CURRENT ASSETS
Debtors 11 2,724,899 2,727,259
Cash at bank 663,690 378,628
3,388,589 3,105,887
CREDITORS
Amounts falling due within one year 12 95,553 63,532
NET CURRENT ASSETS 3,293,036 3,042,355
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,894,970

3,621,159

CREDITORS
Amounts falling due after more than one year 13 (37,291 ) (39,427 )

PROVISIONS FOR LIABILITIES 16 (75,626 ) (67,231 )
NET ASSETS 3,782,053 3,514,501

CAPITAL AND RESERVES
Called up share capital 17 69,000 69,000
Retained earnings 3,713,053 3,445,501
SHAREHOLDERS' FUNDS 3,782,053 3,514,501

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:




J M Preston - Director



A D Prager - Director


PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


1. STATUTORY INFORMATION

Paine Manwaring Heating Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the monthly orderbook projections and the impact of subsequent events in making their assessment.

The Directors have performed a robust analysis of the ongoing material price increases and wage inflation and their impact on the secured orderbook projections and future cashflows. Whilst at this stage it is difficult to predict all the further material price increases and wage inflation and their impacts with certainty the company has adequate resource to continue in operation existence for the foreseeable future.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Paine Manwaring Heating Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Paine Manwaring Group Limited, Unit D, Easting Close, Dominion Way, Worthing, West Sussex, BN14 8HQ.

Related party exemption
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.

Turnover
Turnover represents asset leasing income recognised on a straight line basis from its subsidiary company net of VAT.

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. ACCOUNTING POLICIES - continued

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.
Motor vehicles - 20-25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at the cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 section 11. Basic financial instruments are recognised at amortised cost using effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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 commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss using the sum of digits method which produces an acceptable approximation to the results obtained using the effective interest method.

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company in the UK.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees during the year was NIL (2024 - NIL).

2025 2024
£ £
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025 2024
£ £
Depreciation - owned assets 84,894 71,159
Depreciation - assets on hire purchase contracts 26,598 16,640
Profit on disposal of fixed assets (12,885 ) (8,264 )
Auditors' remuneration 2,000 2,000

The company has taken advantage of the exemption to disclose amounts paid for non-audit services as these are disclosed in the group financial statements of the parent company.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£ £
Hire purchase interest 4,316 2,571

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£ £
Current tax:
UK corporation tax 44,734 24,819
Prior year under provision 972 -
Total current tax 45,706 24,819

Deferred tax 8,395 23,208
Tax on profit 54,101 48,027

UK corporation tax has been charged at 25% .

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£ £
Profit before tax 1,314,563 193,554
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

328,641

48,389

Effects of:
Income not taxable for tax purposes (275,000 ) -
Adjustments to tax charge in respect of previous periods 972 -
Group relief (512 ) (362 )
Total tax charge 54,101 48,027

8. DIVIDENDS
2025 2024
£ £
Ordinary shares of £1.00 each
Interim 992,910 58,830

9. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 April 2024 967,198 19,898 987,096
Additions 136,266 11,311 147,577
Disposals (85,326 ) (19,898 ) (105,224 )
At 31 March 2025 1,018,138 11,311 1,029,449
DEPRECIATION
At 1 April 2024 670,623 19,069 689,692
Charge for year 108,071 3,421 111,492
Eliminated on disposal (72,371 ) (19,898 ) (92,269 )
At 31 March 2025 706,323 2,592 708,915
NET BOOK VALUE
At 31 March 2025 311,815 8,719 320,534
At 31 March 2024 296,575 829 297,404

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 April 2024 119,125
Additions 44,040
Disposals (16,310 )
At 31 March 2025 146,855
DEPRECIATION
At 1 April 2024 27,513
Charge for year 26,598
Eliminated on disposal (7,611 )
At 31 March 2025 46,500
NET BOOK VALUE
At 31 March 2025 100,355
At 31 March 2024 91,612

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2024
and 31 March 2025 281,400
NET BOOK VALUE
At 31 March 2025 281,400
At 31 March 2024 281,400

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Paine Manwaring Limited
Registered office: Unit D, Easting Close, Dominion Way, Worthing, West Sussex, BN14 8HQ
Nature of business: Heating and electrical contracting
%
Class of shares: holding
Ordinary 100.00

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Amounts owed by group undertakings 2,724,899 2,723,399
VAT - 3,860
2,724,899 2,727,259

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Hire purchase contracts (see note 14) 35,516 35,513
Corporation Tax 44,734 24,819
VAT 12,105 -
Accruals and deferred income 3,198 3,200
95,553 63,532

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£ £
Hire purchase contracts (see note 14) 37,291 39,427

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025 2024
£ £
Net obligations repayable:
Within one year 35,516 35,513
Between one and five years 37,291 39,427
72,807 74,940

15. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£ £
Hire purchase contracts 72,807 74,941

16. PROVISIONS FOR LIABILITIES
2025 2024
£ £
Deferred tax 75,626 67,231

PAINE MANWARING HEATING LIMITED (REGISTERED NUMBER: 03591258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


16. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 April 2024 67,231
Charge to Income Statement during year 8,395
Balance at 31 March 2025 75,626

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £ £
69,000 Ordinary £1.00 69,000 69,000

18. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Paine Manwaring Group Limited, a company incorporated in England and Wales.

The results of this company are included within the consolidated financial statements of Paine Manwaring Group Limited, copies of which are available from Companies House.

19. CONTINGENT LIABILITIES

The company has provided a composite cross guarantee with its subsidiary company Paine Manwaring Limited for the group's bank borrowing facilities. At the end of the current and comparative period there were no contingent liabilities identified by the directors.

20. POST BALANCE SHEET EVENTS

After the year end dividends totalling £265,650 have been voted.