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Registered number: 02202506
The Modular Heating Group Limited
UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prepared By:
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
The Modular Heating Group Limited
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
I P Bradley
K P Mainstone
A K Bradley
SECRETARY
Martin J Smith
REGISTERED OFFICE
Unit 4 Genesis
Endeavour Drive
Basildon
Essex
SS14 3WF
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 02202506
ACCOUNTANTS
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
The Modular Heating Group Limited
ACCOUNTS
FOR THEYEARENDED31 DECEMBER 2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
The Modular Heating Group Limited
BALANCE SHEET AT 31 December 2024
20242023
Notes££
FIXED ASSETS
Investment Assets323,90023,900
CURRENT ASSETS
Debtors4192,65049,572
Cash at bank and in hand33,54521,748
226,19571,320
CREDITORS: Amounts falling due within one year5401,574184,239
NET CURRENT LIABILITIES(175,379)(112,919)
TOTAL ASSETS LESS CURRENT LIABILITIES(151,479)(89,019)
CAPITAL AND RESERVES
Called up share capital65050
Profit and loss account(151,529)(89,069)
SHAREHOLDERS' FUNDS(151,479)(89,019)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 15 September 2025 and signed on their behalf by
.............................
K P Mainstone
Director
The Modular Heating Group Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Going Concern
The company had net liabilities of £151,479 at the balance sheet date. The company controls subsidiaries with significant resources and consequently the directors consider the going concern basis for the preparation of the accounts, to be applicable.
1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. reducing balance 25%
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Turnover
Turnover 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. Turnover 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:
Turnover 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.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
The Modular Heating Group Limited
1f. Investments
Fixed asset investments are shown at cost less impairments.
1g. Leasing Commitments
Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.
1h. Statutory Information
The Modular Heating Group Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 02202506 and registered office address is Unit 4 Genesis, Endeavour Drive, Basildon, Essex, SS14 3WF.
1i. 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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
The Modular Heating Group Limited
2. EMPLOYEES
20242023
No.No.
Average number of employees12
3. FINANCIAL ASSETS
Shares in group companies
and participating interestsTotal
££
Cost
At 1 January 202423,90023,900
At 31 December 202423,90023,900
Amortisation
Net Book Amounts
At 31 December 202423,90023,900
At 31 December 202323,90023,900
4. DEBTORS 20242023
££
Amounts falling due within one year
Other debtors19,54310,706
Amounts due from group companies164,88836,613
Prepayments8,2192,253
192,65049,572
Amounts owed by group undertakings are interest free and repayable on demand.
The Modular Heating Group Limited
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
Taxation and social security 67,28351,366
Salaries and wages control1,232-
Directors current account-40,000
Trade creditors16,45926,131
Pension schemes2,2904,473
Accruals1,4011,379
Amounts due to group companies312,90960,890
401,574184,239
Amounts owed to group undertakings are interest free and repayable on demand.
6. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
250 Ordinary A shares of £0.10 each2525
250 Ordinary B shares of £0.10 each2525
5050
7. RELATED PARTY TRANSACTIONS
The Company has taken exemption under section 33.1A of the Financial Reporting Standard 102 from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.
At the Statement of Financial Position date there was an amount due to the directors of £Nil (2023: £40,000) included within other creditors.
8. CONTROLLING PARTY
The company is equally controlled by the directors I P Bradley and K P Mainstone by virtue of their shareholding within the ultimate parent company, MHS Radiators (Holdings) Limited.
ULTIMATE PARENT COMPANY
The parent and ultimate parent company is considered to be MHS Radiators (Holdings) Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding within The Modular Heating Group Limited. The registered office address for this company is Unit 4 Genesis, Endeavour Drive, Basildon, Essex, SS14 3WF.