REGISTERED NUMBER: SC177385 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

IMS Heat Pumps Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs E J P Bohan

Ms C L Stockton-Jones

REGISTERED OFFICE:

Unit 3 Ruthvenfield Way

Inveralmond Industrial Estate

Perth

Perthshire

PH1 3UF

REGISTERED NUMBER:

SC177385 (Scotland)

ACCOUNTANTS:

DLA Chartered Accountants

36A Market Street

New Mills

High Peak

SK22 4AA

FIXED ASSETS

Tangible assets

4

143,815

188,136

CURRENT ASSETS

Stocks

148,618

134,719

Debtors

5

625,759

464,713

Cash at bank

237,491

156,308

1,011,868

755,740

CREDITORS

Amounts falling due within one year

6

350,429

333,088

NET CURRENT ASSETS

661,439

422,652

TOTAL ASSETS LESS CURRENT LIABILITIES

805,254

610,788

CREDITORS

Amounts falling due after more than one year

7

(53,862

)

(91,893

)

PROVISIONS FOR LIABILITIES

(35,582

)

-

NET ASSETS

715,810

518,895

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

56,667

56,667

Retained earnings

658,143

461,228

715,810

518,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 21 July 2025 and were signed on its behalf by:

Mrs E J P Bohan - Director

1.	STATUTORY INFORMATION

IMS Heat Pumps Limited 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

33% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Cash and cash equivalents

Cash and cash equivalents include cash on hand and funds on deposit with banks and is measured at its face value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

3,533

3,017

2,535

Additions

-

3,577

267

Disposals

-

-

(1,090

)

At 31 December 2024

3,533

6,594

1,712

DEPRECIATION

At 1 January 2024

1,546

1,481

1,346

Charge for year

497

1,973

361

Eliminated on disposal

-

-

(874

)

At 31 December 2024

2,043

3,454

833

NET BOOK VALUE

At 31 December 2024

1,490

3,140

879

At 31 December 2023

1,987

1,536

1,189

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

282,905

11,110

303,100

Additions

-

3,424

7,268

Disposals

(500

)

(4,220

)

(5,810

)

At 31 December 2024

282,405

10,314

304,558

DEPRECIATION

At 1 January 2024

105,068

5,523

114,964

Charge for year

44,434

3,801

51,066

Eliminated on disposal

(193

)

(4,220

)

(5,287

)

At 31 December 2024

149,309

5,104

160,743

NET BOOK VALUE

At 31 December 2024

133,096

5,210

143,815

At 31 December 2023

177,837

5,587

188,136

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

Motor

vehicles

£

COST

At 1 January 2024

225,170

Transfer to ownership

(58,890

)

At 31 December 2024

166,280

DEPRECIATION

At 1 January 2024

75,907

Charge for year

37,316

Transfer to ownership

(43,128

)

At 31 December 2024

70,095

NET BOOK VALUE

At 31 December 2024

96,185

At 31 December 2023

149,263

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

482,667

343,850

Other debtors

41,066

12,107

VAT

50,618

72,255

Prepayments

51,408

36,501

625,759

464,713

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,383

10,183

Hire purchase contracts (see note 8)

33,715

46,944

Trade creditors

175,232

188,592

Tax

30,065

35,276

Social security and other taxes

41,710

38,258

Other creditors

6,687

5,669

Accrued expenses

52,637

8,166

350,429

333,088

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

4,331

10,283

Bank loans - 2-5 years

-

4,326

Hire purchase contracts (see note 8)

49,531

77,284

53,862

91,893

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

33,715

46,944

Between one and five years

49,531

77,284

83,246

124,228

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

43,213

43,213

Between one and five years

85,811

129,023

129,024

172,236

9.	RELATED PARTY DISCLOSURES

During the year, Hometree Group Limited acquired 100% of the issued share capital of IMS Heat Pumps Limited. In relation to this transaction, at the year end the company owed £30,000 to the former shareholders of IMS Heat Pumps Limited.

At the year end, the company was owed £21,274 (2023: £Nil) by Hometree Group Limited. This balance is included within Other Debtors and is repayable on demand.