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Registration number: 08740960

Primrose Heating Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Primrose Heating Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Primrose Heating Ltd

Company Information

Director

Mr Denis O'Sullivan

Registered office

21 Clairville Gardens
London
W7 3HZ

Accountants

Atek Accounting Solutions Ltd First Floor
111 Queens Road
Weybridge
Surrey
KT13 9UN

 

Primrose Heating Ltd

Director's Report for the Year Ended 31 October 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Director of the company

The director who held office during the year was as follows:

Mr Denis O'Sullivan

Principal activity

The principal activity of the company is Plumbing, Heat & Air Conditioning Installation

Small companies provision statement

This report has 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.

Approved and authorised by the director on 16 July 2025
 

.........................................
Mr Denis O'Sullivan
Director

 

Primrose Heating Ltd

(Registration number: 08740960)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,523

4,289

Current assets

 

Debtors

5

131,053

140,986

Cash at bank and in hand

 

1

6,153

 

131,054

147,139

Creditors: Amounts falling due within one year

6

(67,071)

(49,626)

Net current assets

 

63,983

97,513

Total assets less current liabilities

 

67,506

101,802

Creditors: Amounts falling due after more than one year

6

(26,089)

(37,582)

Net assets

 

41,417

64,220

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

41,407

64,210

Shareholders' funds

 

41,417

64,220

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account and Director's Report.

Approved and authorised by the director on 16 July 2025
 

.........................................
Mr Denis O'Sullivan
Director

 

Primrose Heating Ltd

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

1

General information

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

The address of its registered office is:
21 Clairville Gardens
London
W7 3HZ
England

These financial statements were authorised for issue by the director on 16 July 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.

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 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.

 

Primrose Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

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.

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

Computer equipment

25% reducing balance

Plant and machinery

25% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Primrose Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

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.

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 2 (2023 - 2).

 

Primrose Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

12,643

10,873

23,516

Additions

408

-

408

At 31 October 2024

13,051

10,873

23,924

Depreciation

At 1 November 2023

9,320

9,907

19,227

Charge for the year

933

241

1,174

At 31 October 2024

10,253

10,148

20,401

Carrying amount

At 31 October 2024

2,798

725

3,523

At 31 October 2023

3,323

966

4,289

5

Debtors

Current

2024
£

2023
£

Trade debtors

20,125

19,904

Prepayments

881

2,198

Other debtors

110,047

118,884

 

131,053

140,986

6

Creditors

Creditors: amounts falling due within one year

 

Primrose Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,975

13,761

Trade creditors

 

-

216

Taxation and social security

 

54,096

35,649

 

67,071

49,626

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

26,089

37,582

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5

5

5

5

A Ordinary Shares of £1 each

5

5

5

5

10

10

10

10

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,983 (2023 - £13,336). The company currently has a contract hire agreement in place for a company vehicle. The charge for the period is £8,353 (2023: £8,353), this has been recognised in the profit and loss account. The remaining future commitments are £4,982 payable over a remaining period of 8 months.

 

Primrose Heating Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

14,943

1,118

(16,061)

-

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

16,857

15,087

(17,000)

14,943

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,334

-

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,089

37,582

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,844

13,761

Bank overdrafts

2,131

-

12,975

13,761