Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31547267411717true222023-08-01falsefalseThe principal activity of the Company was that of the wholesale of hardware, plumbing and heating equipment.24trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08127674 2023-08-01 2024-07-31 08127674 2022-08-01 2023-07-31 08127674 2024-07-31 08127674 2023-07-31 08127674 2022-08-01 08127674 c:Director1 2023-08-01 2024-07-31 08127674 d:Buildings 2023-08-01 2024-07-31 08127674 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 08127674 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 08127674 d:PlantMachinery 2023-08-01 2024-07-31 08127674 d:PlantMachinery 2024-07-31 08127674 d:PlantMachinery 2023-07-31 08127674 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08127674 d:FurnitureFittings 2023-08-01 2024-07-31 08127674 d:PatentsTrademarksLicencesConcessionsSimilar 2023-08-01 2024-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 08127674 d:Goodwill 2023-08-01 2024-07-31 08127674 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-01 2024-07-31 08127674 d:CurrentFinancialInstruments 2024-07-31 08127674 d:CurrentFinancialInstruments 2023-07-31 08127674 d:Non-currentFinancialInstruments 2024-07-31 08127674 d:Non-currentFinancialInstruments 2023-07-31 08127674 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 08127674 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08127674 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 08127674 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 08127674 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 08127674 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 08127674 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 08127674 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 08127674 d:ShareCapital 2024-07-31 08127674 d:ShareCapital 2023-07-31 08127674 d:RetainedEarningsAccumulatedLosses 2024-07-31 08127674 d:RetainedEarningsAccumulatedLosses 2023-07-31 08127674 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 08127674 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 08127674 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 08127674 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 08127674 d:RetirementBenefitObligationsDeferredTax 2024-07-31 08127674 d:RetirementBenefitObligationsDeferredTax 2023-07-31 08127674 c:OrdinaryShareClass1 2023-08-01 2024-07-31 08127674 c:OrdinaryShareClass1 2024-07-31 08127674 c:OrdinaryShareClass1 2023-07-31 08127674 c:OrdinaryShareClass2 2023-08-01 2024-07-31 08127674 c:OrdinaryShareClass2 2024-07-31 08127674 c:OrdinaryShareClass2 2023-07-31 08127674 c:FRS102 2023-08-01 2024-07-31 08127674 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 08127674 c:FullAccounts 2023-08-01 2024-07-31 08127674 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08127674 d:Subsidiary1 2023-08-01 2024-07-31 08127674 d:Subsidiary1 1 2023-08-01 2024-07-31 08127674 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 08127674 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 08127674 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 08127674 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 08127674 6 2023-08-01 2024-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-08-01 2024-07-31 08127674 e:PoundSterling 2023-08-01 2024-07-31 08127674 d:PlantMachinery d:PriorPeriodIncreaseDecrease 2023-07-31 08127674 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:PriorPeriodIncreaseDecrease 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08127674









UK RADIATORS LTD

 
 
UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
UK RADIATORS LTD
REGISTERED NUMBER: 08127674

BALANCE SHEET
AS AT 31 JULY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
948,679
914,639

Tangible assets
 6 
411,876
434,615

Investments
 7 
100
100

  
1,360,655
1,349,354

Current assets
  

Stocks
  
1,520,829
1,350,802

Debtors: amounts falling due within one year
 8 
357,575
347,928

Cash at bank and in hand
 9 
155,459
25,662

  
2,033,863
1,724,392

Creditors: amounts falling due within one year
 10 
(1,712,107)
(2,024,685)

Net current assets/(liabilities)
  
 
 
321,756
 
 
(300,293)

Total assets less current liabilities
  
1,682,411
1,049,061

Creditors: amounts falling due after more than one year
 11 
(1,089,267)
(153,567)

Provisions for liabilities
  

Deferred tax
 14 
(144,511)
(125,132)

Net assets
  
448,633
770,362


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
  
448,533
770,262

  
448,633
770,362


Page 1

 
UK RADIATORS LTD
REGISTERED NUMBER: 08127674

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




R A J Nezard
Director

Date: 29 July 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

UK Radiators Ltd  (formerly Distinctive Wholesale Limited) is a Company limited by shares incorporated in England & Wales within the United Kingdom. The address of the Registered Office is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website development
-
10
years
Branding
-
30
years
Systems Development
-
30
years
Product images and video
-
20
years

Page 3

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
10%
on a straight line basis
Fixtures
-
3%
on a straight line basis
Office equipment & furniture
-
10%
on a straight line basis
Warehouse equipment
-
10%
on a straight line basis
Leasehold improvements
-
3%
on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.5

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.
The Group is small and as such is exempt from preparing consolidated accounts.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'administrative expenses'.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of Income and Retained Earnings.

Page 6

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Prior year adjustment

During the year ended 31 July 2024, the company identified an error in the calculation of the depreciation and amortisation expense from the date of incorporation of the company on 3 July 2012. Specifically, tangible fixed assets were depreciated too heavily whilst the development of the business website was amortised too heavily, resulting in an overstatement of the depreciation/amortisation expense and an understatement of tangible fixed assets and intangible assets. The company identified that the useful economic lives of the tangible fixed assets and intangible assets were too short and were not reflective of the period with which the assets are expected to provide economic benefits. 
The directors determined that the following useful economic lives are appropriate Depreciation and amortisation has been applied retrospectively on a straight line basis to correct the position and has been applied prospectively to the year ended 31 July 2024.
Tangible Fixed Assets: 
Computer Equipment - 10 years 
Fixtures - 30 years
Office Equipment and Furniture - 10 years
Warehouse Equipment - 10 years
Leasehold Improvements - 30 years
Intangible Assets:
Website Development - 10 years
Branding - 30 years
Systems Development - 30 years
Product Images and Video - 20 years
The impact of this error on the financial statements is as follows:
Year Ended 31 July 2023
Depreciation Expense: Decreased by £15,342
Amortisation Expense: Decreased by £11,405
Retained Earnings (as at 1 August 2024): Increased by £168,614
Operating Profit: Increased by £26,747
Tangible Fixed Assets: Increased by £96,207
Intangible Fixed Assets: Increased by £72,407
The Company has restated its 2023 financial statements to reflect this adjustment. 


4.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 24).

Page 8

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Intangible assets




Intangible assets

£



Cost


At 1 August 2023
1,152,069


Additions
117,492



At 31 July 2024

1,269,561



Amortisation


At 1 August 2023 (as previously stated)
309,837


Prior Year Adjustment
(72,407)


At 1 August 2023 (as restated)
237,430


Charge for the year on owned assets
83,452



At 31 July 2024

320,882



Net book value



At 31 July 2024
948,679



At 31 July 2023 (as restated)
914,639



Page 9

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Tangible fixed assets





Tangible fixed assets

£



Cost or valuation


At 1 August 2023
592,370


Additions
19,881



At 31 July 2024

612,251



Depreciation


At 1 August 2023 (as previously stated)
253,962


Prior Year Adjustment
(96,207)


At 1 August 2023 (as restated)
157,755


Charge for the year on owned assets
42,620



At 31 July 2024

200,375



Net book value



At 31 July 2024
411,876



At 31 July 2023 (as restated)
434,615

Page 10

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
100



At 31 July 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Essential E-Commerce Limited
Unit C Caxton Court, Newcomen Way, Severalls Industrial Park, Colchester, England, CO4 9TG
Ordinary
100%


8.


Debtors

2024
2023
£
£


Trade debtors
15,324
27,272

Amounts owed by group undertakings
113,936
64,784

Other debtors
84,246
71,626

Prepayments and accrued income
144,069
184,246

357,575
347,928



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
155,459
25,662

Less: bank overdrafts
(181)
(63,444)

155,278
(37,782)


Page 11

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
181
63,444

Bank loans
190,966
131,774

Other loans
7,126
242,651

Trade creditors
1,122,526
1,158,421

Corporation tax
-
26,616

Other taxation and social security
221,325
127,597

Obligations under finance lease and hire purchase contracts
25,767
35,246

Other creditors
129,514
226,896

Accruals and deferred income
14,702
12,040

1,712,107
2,024,685


Bank loans and overdrafts are secured over the assets of the Company.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,040,773
32,369

Other loans
9,503
44,223

Net obligations under finance leases and hire purchase contracts
38,991
76,975

1,089,267
153,567


Page 12

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
190,966
131,774

Other loans
7,126
242,651


198,092
374,425

Amounts falling due 1-2 years

Bank loans
369,380
32,369

Other loans
8,067
25,610


377,447
57,979

Amounts falling due 2-5 years

Bank loans
671,393
-

Other loans
1,436
18,613


672,829
18,613


1,248,368
451,017



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
25,767
35,246

Between 1-5 years
38,991
76,975

64,758
112,221

Page 13

 
UK RADIATORS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(125,132)
(72,378)


Charged to profit or loss
(19,379)
(52,754)



At end of year
(144,511)
(125,132)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
178,189
125,772

Tax losses carried forward
(33,322)
-

Pension surplus
(356)
(640)

144,511
125,132


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60 (2023 - 60) A shares of £1 each
60
60
40 (2023 - 40) B shares of £1 each
40
40

100

100



16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,477 (2023 - £13,540). Contributions totalling £2,646 (2023 - £2,558) were payable to the fund at the balance sheet date and are included in creditors.


17.


Related party transactions

During the year, the company entered into transaction with related parties and a balance is owed to the company at the year end of £113,936 (2023 - £64,784 due to related parties). This balance is interest free and repayable on demand.


Page 14