REGISTERED NUMBER: 03323332 (England and Wales)

Heat & Power Services Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S K Bennett

Mrs R Bennett

Mrs H P Kirk

REGISTERED OFFICE:

3 Grey Lane

Witney

Oxfordshire

OX28 1FN

REGISTERED NUMBER:

03323332 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

9 Market Place

Hedon

East Yorkshire

HU12 8JA

FIXED ASSETS

Tangible assets

4

316,560

279,033

Investments

5

-

30,150

316,560

309,183

CURRENT ASSETS

Stocks

6

260,000

280,000

Debtors

7

1,648,393

1,397,455

Cash at bank

470,750

685,571

2,379,143

2,363,026

CREDITORS

Amounts falling due within one year

8

1,153,467

1,037,730

NET CURRENT ASSETS

1,225,676

1,325,296

TOTAL ASSETS LESS CURRENT LIABILITIES

1,542,236

1,634,479

CREDITORS

Amounts falling due after more than one year

9

(341,742

)

(377,308

)

PROVISIONS FOR LIABILITIES

(72,348

)

(66,316

)

NET ASSETS

1,128,146

1,190,855

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,128,046

1,190,755

SHAREHOLDERS' FUNDS

1,128,146

1,190,855

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr S K Bennett - Director

1.	STATUTORY INFORMATION

Heat & Power Services 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.

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.

Office equipment

-

Straight line over 4 years

Plant and machinery

-

Straight line over 4 years

Computer equipment

-

Straight line over 3 years

Motor vehicles

-

Straight line over 4 years

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 Profit and Loss Account, 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Office

Plant and

Computer

Motor

equipment

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

18,359

132,534

61,667

621,782

834,342

Additions

1,350

5,494

3,273

168,249

178,366

Disposals

-

-

-

(41,280

)

(41,280

)

At 31 December 2024

19,709

138,028

64,940

748,751

971,428

DEPRECIATION

At 1 January 2024

18,359

128,349

48,249

360,352

555,309

Charge for year

309

3,279

7,061

130,190

140,839

Eliminated on disposal

-

-

-

(41,280

)

(41,280

)

At 31 December 2024

18,668

131,628

55,310

449,262

654,868

NET BOOK VALUE

At 31 December 2024

1,041

6,400

9,630

299,489

316,560

At 31 December 2023

-

4,185

13,418

261,430

279,033

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

Motor

vehicles

£

COST

At 1 January 2024

377,754

Additions

153,258

Transfer to ownership

(27,252

)

At 31 December 2024

503,760

DEPRECIATION

At 1 January 2024

153,212

Charge for year

110,198

Transfer to ownership

(20,738

)

At 31 December 2024

242,672

NET BOOK VALUE

At 31 December 2024

261,088

At 31 December 2023

224,542

5.	FIXED ASSET INVESTMENTS

Other

investment

£

COST

At 1 January 2024

30,150

Disposals

(30,150

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

30,150

6.

STOCKS

2024

2023

£

£

Stocks

260,000

280,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,170,903

1,211,172

Amounts owed by group undertakings

190,663

2,430

Prepayments

83,593

58,483

Other debtors

203,234

125,370

1,648,393

1,397,455

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

221,174

60,000

Hire purchase contracts

108,164

92,738

Trade creditors

357,910

370,405

Amounts owed to group undertakings

-

123,814

Tax

42,937

64,405

Social security and other taxes

69,142

70,020

VAT

250,598

182,629

Credit card

41,255

44,936

Directors' current accounts

7,170

7,000

Accruals

55,117

21,783

1,153,467

1,037,730

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

55,834

60,000

Bank loans - 2-5 years

129,166

155,834

Bank loans more than 5yr by in

-

29,166

Hire purchase contracts

156,742

132,308

341,742

377,308

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5yr by in

-

29,166

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

245,000

305,000

11.	LEASING AGREEMENTS

At 31 December 2023 the company had annual commitments under non-cancellable operating leases:

2023

2022

£

£

Within one year

8,392

6,468

Between one and five years

7,119

2,697

15,511

9,165