REGISTERED NUMBER: 02700489 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

H & V Serviceplan Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Independent Auditors' Report

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

16

DIRECTORS:

AJ Coldwell

D Coldwell

J Pennington

SECRETARY:

D Coldwell

REGISTERED OFFICE:

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

REGISTERED NUMBER:

02700489 (England and Wales)

AUDITORS:

Harris & Trotter LLP

Chartered Accountants

Statutory Auditors

101 New Cavendish Street

London

W1W 6XH

REVIEW OF BUSINESS

The company achieved lower turnover in 2024, but at significantly improved margins compared to the previous year. This was the result of three main factors: firstly, the stabilization of input cost inflation; secondly, the conscious decision to focus on fewer, more profitable contracts; and finally, the completion of some larger contracts at budgeted profit levels. The directors remain satisfied that they have continued to take appropriate measures to contain costs, and also to maintain a flexible resource base, and strong relationships with its key customers and suppliers, so that they remain confident that the company is in the best position to achieve increased levels of revenue and profitability in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to raise funds to finance the company's operations. The policies set out by the directors are implemented by the company's finance department.

Working capital requirements are funded principally out of retained profits, and the bank balance. Exposure to interest rates is reviewed regularly by the directors.

Price risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

Liquidity risk

The company actively manages the bank balances daily to ensure that it has sufficient available funds for operations.

The loans from directors are interest free and repayable on demand. The directors are aware of the company's financing needs and review regularly how these needs will be satisfied.

The trade creditor liquidity risk is also managed by ensuring that sufficient funds are available to meet the amounts payable.

Credit risk

The company's principal creditor balances are with related companies. These do not present a credit risk to the company.

The company's policy in respect of credit risk, is to require appropriate credit checks on potential customers before sales are made.

Cash flow interest rate risk

The company does not use derivative financial instruments to manage interest rate costs, and as such, no hedge accounting is applied.

FUTURE DEVELOPMENTS AND POST-BALANCE SHEET EVENTS

The first half of 2025 has shown a sustained improvement in both turnover and project gross margins, as the company pursues its policy of focusing on fewer, more predictable and profitable contracts. The directors have continued to maintain their very good relationships with both key customers and suppliers, and are therefore in a strong position to react positively to any improvement in economic and trading conditions, although both remain challenging.

ON BEHALF OF THE BOARD:

D Coldwell - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the installation and maintenance of heating and ventilation equipment.

DIVIDENDS

Interim dividends of £480,240 (2023: £372,550) were paid during the year. The directors recommend that no final dividends be paid.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

AJ Coldwell

D Coldwell

J Pennington

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414 C(11) of the Companies Act 2006, the company has chosen to include certain matters in its Strategic report that would otherwise be required in this Director's report. These matters include, where applicable, the business review, principal risks and uncertainties, future developments and post balance sheet events.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D Coldwell - Director

29 September 2025

Opinion

We have audited the financial statements of H & V Serviceplan Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

•

adequate accounting records have not been kept, or returns adequate for our audit have not been received

from branches not visited by us; or

•

the financial statements are not in agreement with the accounting records and returns; or

•

certain disclosures of director's remuneration specified by law are not made; or

•

we have not received all the information and explanations we require for our audit; or

•

the director was not entitled to prepare the financial statements in accordance with the small companies

regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry

in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

•

We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by

making enquiries of management.

•

We challenged assumptions and judgements made by management in its significant accounting estimates;

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Haffner (Senior Statutory Auditor)

for and on behalf of Harris & Trotter LLP

Chartered Accountants

Statutory Auditors

101 New Cavendish Street

London

W1W 6XH

29 September 2025

REVENUE

10,782,554

13,464,374

Cost of sales

(8,515,130

)

(13,078,350

)

GROSS PROFIT

2,267,424

386,024

Administrative expenses

(928,380

)

(879,808

)

1,339,044

(493,784

)

Other operating income

11,760

11,010

OPERATING PROFIT/(LOSS)

4

1,350,804

(482,774

)

Interest receivable and similar income

595

4,515

1,351,399

(478,259

)

(Loss)/gain on revaluation of investments

(3

)

149

1,351,396

(478,110

)

Interest payable and similar expenses

5

(26,954

)

(22,526

)

PROFIT/(LOSS) BEFORE TAXATION

1,324,442

(500,636

)

Tax on profit/(loss)

6

(252,282

)

125,519

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,072,160

(375,117

)

OTHER COMPREHENSIVE

Other comprehensive loss

Income tax relating to other comprehensive

-

(2,010

)

OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX

-

(2,010

)

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

1,072,160

(377,127

)

FIXED ASSETS

Tangible assets

8

178,101

182,952

Investment property

9

200,000

200,000

378,101

382,952

CURRENT ASSETS

Inventories

10

224,871

291,529

Debtors

11

6,167,040

6,255,025

Investments

12

312

315

Cash in hand

-

323

6,392,223

6,547,192

CREDITORS

Amounts falling due within one year

13

2,784,987

3,558,060

NET CURRENT ASSETS

3,607,236

2,989,132

TOTAL ASSETS LESS CURRENT LIABILITIES

3,985,337

3,372,084

PROVISIONS FOR LIABILITIES

17

21,333

-

NET ASSETS

3,964,004

3,372,084

CAPITAL AND RESERVES

Called up share capital

18

2,000

2,000

Revaluation reserve

19

72,470

72,470

Fair value reserve

19

85,259

85,259

Retained earnings

19

3,804,275

3,212,355

SHAREHOLDERS' FUNDS

3,964,004

3,372,084

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

D Coldwell - Director

Called up

Fair

share

Retained

Revaluation

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

2,000

3,957,657

74,480

87,624

4,121,761

Changes in equity

Dividends

-

(372,550

)

-

-

(372,550

)

Total comprehensive loss

-

(372,752

)

(2,010

)

(2,365

)

(377,127

)

Balance at 31 December 2023

2,000

3,212,355

72,470

85,259

3,372,084

Changes in equity

Dividends

-

(480,240

)

-

-

(480,240

)

Total comprehensive income

-

1,072,160

-

-

1,072,160

Balance at 31 December 2024

2,000

3,804,275

72,470

85,259

3,964,004

Cash flows from operating activities

Cash generated from operations

1

(2,404

)

631,257

Interest paid

(26,954

)

(22,526

)

Tax refunded/(paid)

86,890

(3,525

)

Net cash from operating activities

57,532

605,206

Cash flows from investing activities

Purchase of tangible fixed assets

(1,150

)

(3,490

)

Interest received

595

4,515

Net cash from investing activities

(555

)

1,025

Cash flows from financing activities

New loans in year

-

(90,912

)

Loan repayments in year

451,443

-

Amount withdrawn by directors

(5

)

(51

)

Equity dividends paid

(480,240

)

(372,550

)

Purchase of current asset investment

-

(75,105

)

Sale of current asset investment

-

119,000

Net cash from financing activities

(28,802

)

(419,618

)

Increase in cash and cash equivalents

28,175

186,613

Cash and cash equivalents at beginning of year

2

(84,274

)

(270,887

)

Cash and cash equivalents at end of year

2

(56,099

)

(84,274

)

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

1,324,442

(500,636

)

Depreciation charges

6,001

7,177

Loss/(gain) on revaluation of fixed assets

3

(149

)

Finance costs

26,954

22,526

Finance income

(595

)

(4,515

)

1,356,805

(475,597

)

Decrease in inventories

66,658

327,220

Increase in trade and other debtors

(458,776

)

(373,220

)

(Decrease)/increase in trade and other creditors

(967,091

)

1,152,854

Cash generated from operations

(2,404

)

631,257

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

-

323

Bank overdrafts

(56,099

)

(84,597

)

(56,099

)

(84,274

)

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

323

270

Bank overdrafts

(84,597

)

(271,157

)

(84,274

)

(270,887

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

323

(323

)

-

Bank overdrafts

(84,597

)

28,498

(56,099

)

(84,274

)

28,175

(56,099

)

Liquid resources

Current asset investments

315

(3

)

312

315

(3

)

312

Total

(83,959

)

28,172

(55,787

)

1.	STATUTORY INFORMATION

H & V Serviceplan Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal business address is 64 High Street, Caterham, Surrey, CR3 5UB.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have concluded that it remains appropriate to prepare these financial statements on a going concern basis.

Significant accounting judgements and key sources of estimation uncertainty

Management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue

Turnover represents net invoiced sales, excluding value added tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Sales retentions are recognised as revenue at the point when they are agreed.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% per annum on cost

Plant and machinery

-

25% per annum on reducing balance

Computer equipment

-

25% per annum on reducing balance

Freehold property is included at fair value based on prevailing market conditions. Gains and losses are recognised in other comprehensive income and accumulated in equity, unless a loss exceeds a previous gain in which case this will be included in profit and loss.

Deferred taxation is provided on these gains at the future tax rate expected to apply when the property may be sold.

Investment property

Investment property is shown at most recent valuation based on prevailing market conditions. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Deferred taxation is provided on these gains at the future tax rate expected to apply when the property may be sold.

Inventories

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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 contributes to personal pension plans for employees. The assets of the schemes are held separately from those of the company in independently administered funds. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits represents contributions payable by the company to the schemes.

Cash flow and liquid resources

Cash, for the purpose of the cash flow statement, comprises cash at bank and in hand.

Liquid resources comprise assets readily convertible into cash. This includes the company's current asset investment.

Investments

Equity instruments are measured at fair value. Changes in fair value are recognised in the statement of comprehensive income. Fair value is estimated by using a valuation technique.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

138,922

125,049

Social security costs

20,102

17,618

Other pension costs

216,000

216,000

375,024

358,667

The average number of employees during the year was as follows:

2024

2023

Management

3

3

Administrative

3

3

6

6

2024

2023

£

£

Directors' remuneration

99,064

85,191

Directors' pension contributions to money purchase schemes

108,000

108,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024

2023

£

£

Hire of plant and machinery

20,409

10,898

Depreciation - owned assets

6,001

7,177

Auditors' remuneration

22,750

22,758

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

21,418

17,864

Other interest

5,536

4,662

26,954

22,526

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

222,521

-

Overprovision in respect of prior years

(87,510

)

(10,370

)

Total current tax

135,011

(10,370

)

Deferred tax

117,271

(115,149

)

Tax on profit/(loss)

252,282

(125,519

)

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit/(loss) before tax

1,324,442

(500,636

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

331,111

(125,159

)

Effects of:

Expenses not deductible for tax purposes

8,341

6,314

Depreciation in excess of capital allowances

1,139

775

Adjustments to tax charge in respect of previous periods

(87,510

)

(10,370

)

(Accelerated)capital allowances

(799

)

2,921

Total tax charge/(credit)

252,282

(125,519

)

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023

Gross

Tax

Net

£

£

£

Other comprehensive loss

-

(2,010

)

(2,010

)