Company registration number 01995153 (England and Wales)
HEATONS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HEATONS GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D H Fielding
Mr M Scullion
Mr T Clixby
Mr D Young
Company number
01995153
Registered office
Unit 9, Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG
Auditor
McEwan Wallace Limited
6 Abbots Quay
Monks Ferry
Birkenhead
Wirral
CH41 5LH
HEATONS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
HEATONS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

'Heatons' provides business solutions, these include stationery, furniture, print, promotional products, personal protective equipment, workwear, office fit-out and machines. The bulk of our work is carried out within the UK. The company continues to be well-funded, has a diverse customer base, a loyal workforce and little reliance on any one business sector and, accordingly, has low commercial risks.

The directors are pleased with the sales for 24/25 but the level of profit disappointed. We have taken steps to reduce our overheads and exit loss making business. The outlook for Heatons and all businesses is difficult due to what looks to be poorly thought through decisions of HMG, businesses can manage a level of cost increases, but increasing NIC rates, reducing the NIC starting level and enforcing substantial minimum wage increases are too many costs and a major challenge to the private sector. Due to these costs, we are seeing a serious loss of confidence within our customer base. This is and will continue to reduce their desire and ability to spend and invest, a vicious spiral that will make trade ever more difficult. We are already seeing a dearth of smaller capital expenditure orders.

We are fortunate to have a strong order book for larger capital orders that should protect us from the expected weak spend in other areas while the market adjusts to these latest shocks.

The directors prepare management accounts to assess the ongoing performance of the company compared with expectations and prior periods. From these accounts, extensive KPI's are monitored.

We continue to look for both new sales and strategic opportunities.

On behalf of the board

Mr D H Fielding
Director
9 October 2025
HEATONS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the sale of office products and other business support services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £834,700. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D H Fielding
Mr M Scullion
Mrs N Humphray
(Resigned 25 April 2025)
Mr T Clixby
Mr D Young
Auditor

In accordance with the company's articles, a resolution proposing that McEwan Wallace Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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). 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; and

- 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

HEATONS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D H Fielding
Director
9 October 2025
HEATONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEATONS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Heatons Group Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 March 2025 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HEATONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEATONS GROUP LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

HEATONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEATONS GROUP LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

Kris Philip Billington FCA
Senior Statutory Auditor
For and on behalf of McEwan Wallace Limited
9 October 2025
Chartered Accountants
Statutory Auditor
6 Abbots Quay
Monks Ferry
Birkenhead
Wirral
CH41 5LH
HEATONS GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
15,027,502
14,735,143
Cost of sales
(9,299,699)
(9,001,097)
Gross profit
5,727,803
5,734,046
Distribution costs
(167,829)
(113,717)
Administrative expenses
(5,309,469)
(5,046,771)
Other operating income
8,861
10,604
Operating profit
4
259,366
584,162
Interest receivable and similar income
8
44,274
30,561
Interest payable and similar expenses
9
(9,406)
(12,999)
Profit before taxation
294,234
601,724
Tax on profit
10
(67,960)
(111,382)
Profit for the financial year
226,274
490,342

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HEATONS GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
£
£
Profit for the year
226,274
490,342
Other comprehensive income
-
-
Total comprehensive income for the year
226,274
490,342
HEATONS GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,030,848
1,061,225
Investments
14
250
250
1,031,098
1,061,475
Current assets
Stocks
15
494,245
367,118
Debtors
16
2,912,142
3,033,176
Cash at bank and in hand
1,234,802
990,287
4,641,189
4,390,581
Creditors: amounts falling due within one year
17
(2,989,766)
(2,199,500)
Net current assets
1,651,423
2,191,081
Total assets less current liabilities
2,682,521
3,252,556
Creditors: amounts falling due after more than one year
18
(29,925)
-
Provisions for liabilities
Deferred tax liability
20
218,699
210,233
(218,699)
(210,233)
Net assets
2,433,897
3,042,323
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
-
0
40,326
Profit and loss reserves
2,433,797
3,001,897
Total equity
2,433,897
3,042,323

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
Mr D H Fielding
Director
Company registration number 01995153 (England and Wales)
HEATONS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
100
40,371
2,598,510
2,638,981
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
490,342
490,342
Dividends
11
-
-
(87,000)
(87,000)
Transfers
-
(45)
45
-
Balance at 31 March 2024
100
40,326
3,001,897
3,042,323
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
226,274
226,274
Dividends
11
-
-
(834,700)
(834,700)
Transfers
-
(40,326)
40,326
-
Balance at 31 March 2025
100
-
0
2,433,797
2,433,897
HEATONS GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,004,587
692,988
Interest paid
(9,406)
(12,999)
Income taxes paid
(91,004)
(198,589)
Net cash inflow from operating activities
904,177
481,400
Investing activities
Purchase of tangible fixed assets
(458,653)
(171,099)
Proceeds from disposal of tangible fixed assets
244,184
20,212
Repayment of loans
365,304
418,202
Interest received
44,274
30,561
Net cash generated from investing activities
195,109
297,876
Financing activities
Repayment of bank loans
-
0
(492,143)
Payment of finance leases obligations
(20,071)
(14,594)
Dividends paid
(834,700)
(87,000)
Net cash used in financing activities
(854,771)
(593,737)
Net increase in cash and cash equivalents
244,515
185,539
Cash and cash equivalents at beginning of year
990,287
804,748
Cash and cash equivalents at end of year
1,234,802
990,287
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Heatons Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Stadium Court, Plantation Road, Bromborough, Wirral, CH62 3QG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

In accordance with its procedures, the Company reviews the estimated useful live of its intangible fixed assets on an ongoing basis.The latest review indicated no change to the amortisation policy in earlier financial statements.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% on cost
Improvements to property
8% or 17% on cost
Plant and equipment
17% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of assets and the residual values are assessed annually and may vary depending on a number of factors

Debtors provision

Trade debtors are recorded at their recoverable value. The recoverability of the debtors are subject to various external influences

Stock provision

Stock is recognised at the lower of cost and net realisable value. The net realisable value of stock is subject to various external influences, management review many sources of information to determine the level of provisioning required

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdon
15,027,502
14,735,143
2025
2024
£
£
Other revenue
Interest income
44,274
30,561
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
299
(277)
Fees payable to the company's auditor for the audit of the company's financial statements
12,240
11,655
Depreciation of owned tangible fixed assets
293,629
231,616
Depreciation of tangible fixed assets held under finance leases
14,309
7,500
Loss/(profit) on disposal of tangible fixed assets
2,596
(6,828)
Amortisation of intangible assets
-
17,083
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,240
11,655
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
5
5
Sales
23
20
Warehouse (inc drivers)
24
25
Production
11
8
Administration
38
40
Total
101
98

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,179,124
3,113,736
Social security costs
292,125
292,060
Pension costs
178,862
141,833
3,650,111
3,547,629

Included in the above costs are £11,782 (2024 - £96,161) for performance related bonuses.

7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
301,274
361,552
Company pension contributions to defined contribution schemes
35,655
37,047
336,929
398,599

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
74,012
70,161
Company pension contributions to defined contribution schemes
3,741
5,866
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 20 -

£57,990 compensation in relation to a directors departure has been recognised in the profit & loss for the year ended 31st March 2025. (2024 - £Nil)

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
44,240
30,561
Other interest income
34
-
0
Total income
44,274
30,561
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
44,240
30,561
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
10,344
Other finance costs:
Interest on finance leases and hire purchase contracts
5,532
2,655
Other interest
3,874
-
0
9,406
12,999
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
69,559
171,266
Adjustments in respect of prior periods
(10,065)
2,144
Total current tax
59,494
173,410
Deferred tax
Origination and reversal of timing differences
8,466
(62,028)
Total tax charge
67,960
111,382
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
294,234
601,724
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
73,559
150,431
Tax effect of expenses that are not deductible in determining taxable profit
2,648
5,609
Adjustments in respect of prior years
(10,065)
2,144
Permanent capital allowances in excess of depreciation
1,818
(35,422)
Other non-reversing timing differences
-
0
(11,380)
Taxation charge for the year
67,960
111,382
11
Dividends
2025
2024
£
£
Interim paid
834,700
87,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024
85,000
Disposals
(85,000)
At 31 March 2025
-
0
Amortisation and impairment
At 1 April 2024
85,000
Eliminated on revaluation
(85,000)
At 31 March 2025
-
0
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
13
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
178,000
495,391
163,319
326,327
50,241
692,173
1,905,451
Additions
-
0
13,284
49,942
22,375
23,073
415,667
524,341
Disposals
(178,000)
-
0
-
0
-
0
-
0
(169,864)
(347,864)
At 31 March 2025
-
0
508,675
213,261
348,702
73,314
937,976
2,081,928
Depreciation and impairment
At 1 April 2024
1,928
187,822
98,162
184,816
30,511
340,987
844,226
Depreciation charged in the year
149
75,879
25,086
30,876
15,334
160,614
307,938
Eliminated in respect of disposals
(2,077)
-
0
-
0
-
0
-
0
(99,007)
(101,084)
At 31 March 2025
-
0
263,701
123,248
215,692
45,845
402,594
1,051,080
Carrying amount
At 31 March 2025
-
0
244,974
90,013
133,010
27,469
535,382
1,030,848
At 31 March 2024
176,072
307,569
65,157
141,511
19,730
351,186
1,061,225
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Tangible fixed assets
(Continued)
- 23 -
2025
2024
£
£
Freehold
-
0
176,072

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
54,374
27,500
14
Fixed asset investments
2025
2024
£
£
Unlisted investments
250
250
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
494,245
367,118
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,567,519
2,304,229
Other debtors
278,506
685,307
Prepayments and accrued income
66,117
43,640
2,912,142
3,033,176
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
19
26,638
10,946
Payments received on account
416,929
61,240
Trade creditors
1,344,040
1,291,008
Corporation tax
73,029
104,539
Other taxation and social security
332,137
298,068
Other creditors
390,230
780
Accruals and deferred income
406,763
432,919
2,989,766
2,199,500

18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
19
29,925
-
0
19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
26,638
10,946
In two to five years
29,925
-
0
56,563
10,946

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
218,699
196,761
Revaluations
-
13,472
218,699
210,233
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 25 -
2025
Movements in the year:
£
Liability at 1 April 2024
210,233
Charge to profit or loss
8,466
Liability at 31 March 2025
218,699
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
178,862
141,833

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of 1p each
7,500
7,500
75
75
Ordinary 'B' of 1p each
1,250
1,250
13
13
Ordinary 'C' of 1p each
1,250
1,250
12
12
10,000
10,000
100
100
23
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
307,897
257,575
Years 2-5
513,423
620,701
821,320
878,276
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
24
Directors' transactions

Dividends totalling £316,500 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

All advances are unsecured and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' Loan Account (no interest charged)
-
422,340
385,697
-
(767,832)
40,205
Directors' Loan Account (interest charged)
3.75
8,000
22,000
630
(5,800)
24,830
430,340
407,697
630
(773,632)
65,035
25
Ultimate controlling party

The ultimate controlling party is D H Fielding.

26
Related party transactions

During the year, the company paid £54,700 to a related pension scheme (2024 - £35,419), in respect of rent due. £54,700 is expected to be paid next year.

At the year end Heatons Group Limited was owed £7,333 by the related party pension scheme (2024 - £7,333 was owed by the related party pension scheme by Heatons Group Limited).

At 31st March 2025, £1,744 was owed by Heatons Group Limited in respect of rental income earned by the related party pension scheme (2024 - £Nil).

At 31st March 2025, £634 was owed by Heatons Group Limited in respect of rental deposits held on behalf of the related party pension scheme (2024 - £634 was owed by Heatons Group Limited).

27
Analysis of changes in net funds
1 April 2024
Cash flows
New leases
31 March 2025
£
£
£
£
Cash at bank and in hand
990,287
244,515
-
1,234,802
Lease liabilities
(10,946)
20,071
(65,688)
(56,563)
979,341
264,586
(65,688)
1,178,239
HEATONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
28
Cash generated from operations
2025
2024
£
£
Profit after taxation
226,274
490,342
Adjustments for:
Taxation charged
67,960
111,382
Finance costs
9,406
12,999
Investment income
(44,274)
(30,561)
Loss/(gain) on disposal of tangible fixed assets
2,596
(6,828)
Amortisation and impairment of intangible assets
-
0
17,083
Depreciation and impairment of tangible fixed assets
307,938
239,116
Movements in working capital:
Increase in stocks
(127,127)
(66,827)
(Increase)/decrease in debtors
(244,270)
155,353
Increase/(decrease) in creditors
806,084
(229,071)
Cash generated from operations
1,004,587
692,988
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