1 November 2023 v2025.44.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP104250472023-11-012024-10-31104250472024-10-31104250472023-10-3110425047core:WithinOneYear2024-10-3110425047core:WithinOneYear2023-10-3110425047core:AfterOneYear2024-10-3110425047core:AfterOneYear2023-10-3110425047core:ShareCapital2024-10-3110425047core:ShareCapital2023-10-3110425047core:RetainedEarningsAccumulatedLosses2024-10-3110425047core:RetainedEarningsAccumulatedLosses2023-10-3110425047bus:Director12023-11-012024-10-3110425047bus:Director22023-11-012024-10-3110425047bus:RegisteredOffice2023-11-012024-10-3110425047core:PlantMachinery2023-11-012024-10-3110425047core:FurnitureFittings2023-11-012024-10-3110425047core:OfficeEquipment2023-11-012024-10-3110425047core:MotorVehicles2023-11-012024-10-31104250472022-11-012023-10-3110425047core:PlantMachinery2023-11-0110425047core:PlantMachinery2024-10-3110425047core:PlantMachinery2023-10-311042504712023-11-012024-10-3110425047countries:EnglandWales2023-11-012024-10-3110425047bus:AuditExemptWithAccountantsReport2023-11-012024-10-3110425047bus:PrivateLimitedCompanyLtd2023-11-012024-10-3110425047bus:SmallEntities2023-11-012024-10-3110425047bus:FullAccounts2023-11-012024-10-31
Company registration number:
10425047
Underfloor Heating Shop Limited
Unaudited Filleted Financial Statements for the year ended
31 October 2024
Thirlwell & Co Chartered Accountants
4 Church Street, Swinton, Mexborough, South Yorkshire, S64 8QA, United Kingdom
Underfloor Heating Shop Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Underfloor Heating Shop Limited
Year ended
31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Underfloor Heating Shop Limited
for the year ended
31 October 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Underfloor Heating Shop Limited
, as a body, in accordance with the terms of my engagement letter dated 9 November 2023. My work has been undertaken solely to prepare for your approval the
financial statements
of
Underfloor Heating Shop Limited
and state those matters that I have agreed to state to the Board of Directors of
Underfloor Heating Shop Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Underfloor Heating Shop Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Underfloor Heating Shop Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Underfloor Heating Shop Limited
. You consider that
Underfloor Heating Shop Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Underfloor Heating Shop Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Thirlwell & Co Chartered Accountants
4 Church Street
Swinton
Mexborough
South Yorkshire
S64 8QA
United Kingdom
Date:
14 July 2025
Underfloor Heating Shop Limited
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Tangible assets 5
77,177
 
95,974
 
Current assets    
Stocks
9,180
 
15,000
 
Debtors 6
44,974
 
77,849
 
Cash at bank and in hand
196,491
 
187,821
 
250,645
 
280,670
 
Creditors: amounts falling due within one year 7
(155,356
)
(178,768
)
Net current assets
95,289
 
101,902
 
Total assets less current liabilities 172,466   197,876  
Creditors: amounts falling due after more than one year 8
(5,839
)
(15,839
)
Provisions for liabilities
(14,664
)
(18,235
)
Net assets
151,963
 
163,802
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
151,961
 
163,800
 
Shareholders funds
151,963
 
163,802
 
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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 July 2025
, and are signed on behalf of the board by:
J Holloway
D Knight
DirectorDirector
Company registration number:
10425047
Underfloor Heating Shop Limited
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
24 Brookside
,
Swinton
,
Mexborough
,
South Yorkshire
,
S64 8EY
, United Kingdom.

2 Statement of compliance

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

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.
When the outcome of a transaction can be estimated reliably, turnover from the rendering of construction services is recognised by reference to the stage of completion at the balance sheet date. The stage of completion is calculated by comparing costs incurred as a proportion of total costs incurred or expected.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Office equipment
33% straight line
Motor vehicles
25% reducing balance

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

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payables and loans from related parties.
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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
4
(2023:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2023
134,050
 
Additions
1,415
 
At
31 October 2024
135,465
 
Depreciation  
At
1 November 2023
38,076
 
Charge
20,212
 
At
31 October 2024
58,288
 
Carrying amount  
At
31 October 2024
77,177
 
At 31 October 2023
95,974
 

6 Debtors

20242023
££
Trade debtors
34,855
 
26,998
 
Other debtors
10,119
 
50,851
 
44,974
 
77,849
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
56,466
 
129,927
 
Taxation and social security
28,991
 
11,154
 
Other creditors
59,899
 
27,687
 
155,356
 
178,768
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
5,839
 
15,839