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Company Registration Number: NI607194

Heaney Heating Limited

Unaudited Financial Statements

for the financial year ended 30 April 2025

Heaney Heating Limited

DIRECTORS AND OTHER INFORMATION

Directors | Nicole Heaney
| Ryan Heaney
| Paul Heaney
Company Registration Number | NI607194
Registered Office and Business Address | 28e Comber Road
| Belfast
| Co Antrim
| BT8 8AN
Accountants | Quarter
| Chartered Accountants
| St Anne's House
| 15 Church Street
| Cathedral Quarter
| Belfast
| BT1 1PG
Bankers | HSBC
| 25-29 Royal Avenue
| Belfast
| BT1 1FB

Heaney Heating Limited

CHARTERED ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of Heaney Heating Limited

for the financial year ended 30 April 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 April 2025 as set out on pages to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Heaney Heating Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 30 April 2025 your duty to ensure that Heaney Heating Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Heaney Heating Limited. You consider that Heaney Heating Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Heaney Heating Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

QUARTER

Chartered Accountants

St Anne's House

15 Church Street

Cathedral Quarter

Belfast

BT1 1PG

12 November 2025

Heaney Heating Limited

Company Registration Number: NI607194

STATEMENT OF FINANCIAL POSITION

as at 30 April 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Non-Current Assets

Property, plant and equipment |  | 5 | 715,115 |  | 587,285
|  |  | ───────── |  | ─────────
Current Assets

Inventories |  | 6 | 10,557 |  | 16,295
Receivables |  | 7 | 60,785 |  | 50,059
Cash and cash equivalents |  |  | 78,654 |  | 99,190
|  |  | ───────── |  | ─────────
|  |  | 149,996 |  | 165,544
|  |  | ───────── |  | ─────────
Payables: amounts falling due within one year |  | 8 | (652,056) |  | (436,163)
|  |  | ───────── |  | ─────────
Net Current Liabilities |  |  | (502,060) |  | (270,619)
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 213,055 |  | 316,666
Payables:

amounts falling due after more than one year |  | 9 | (363,288) |  | (305,292)
Provisions for liabilities |  | 11 | 21,996 |  | (17,536)
|  |  | ───────── |  | ─────────
Net Liabilities |  |  | (128,237) |  | (6,162)
|  |  | ═════════ |  | ═════════
Equity

Called up share capital |  |  | 100 |  | 2
Retained earnings |  |  | (128,337) |  | (6,164)
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | (128,237) |  | (6,162)
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 12 November 2025 and signed on its behalf by

Ryan Heaney |  |  |  |  |
Director |  |  |  |  |

Heaney Heating Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 30 April 2025

1. | General Information
| Heaney Heating Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 28e Comber Road, Belfast, Co Antrim, BT8 8AN which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the period ended 30 April 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Revenue
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
| Property, plant and equipment and depreciation
| Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
|  | Land and buildings freehold | - | 4% Straight line
|  | Fixtures, fittings and equipment | - | 25% reducing balance
|  | Motor vehicles | - | 20% reducing balance
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Leasing and hire purchases
| Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
| Inventories
| Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
| Trade and other receivables
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other payables
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Employee benefits
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Going concern
| At 30th April 2025 the balance sheet showed a deficiency of assets of £128,237. The company remains reliant upon the support of its directors.

4. | Employees
| The average monthly number of employees, including directors, during the financial year was 13. (2024 - 13).
|  | 2025 | 2024
|  | Number | Number
| All | 13 | 13
|  | ═════════ | ═════════

5. | Property, plant and equipment
|  | Land and | Fixtures, | Motor | Total
|  | buildings | fittings and | vehicles |
|  | freehold | equipment |  |
|  | £ | £ | £ | £
| Cost or Valuation
| At 1 May 2024 | 483,528 | 29,165 | 274,119 | 786,812
| Additions | 25,656 | 546 | 183,484 | 209,686
| Disposals | - | - | (109,637) | (109,637)
|  | ───────── | ───────── | ───────── | ─────────
| At 30 April 2025 | 509,184 | 29,711 | 347,966 | 886,861
|  | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 May 2024 | - | 23,496 | 176,031 | 199,527
| Charge for the financial year | - | 1,554 | 50,317 | 51,871
| On disposals | - | - | (79,652) | (79,652)
|  | ───────── | ───────── | ───────── | ─────────
| At 30 April 2025 | - | 25,050 | 146,696 | 171,746
|  | ───────── | ───────── | ───────── | ─────────
| Carrying amount
| At 30 April 2025 | 509,184 | 4,661 | 201,270 | 715,115
|  | ═════════ | ═════════ | ═════════ | ═════════
| At 30 April 2024 | 483,528 | 5,669 | 98,088 | 587,285
|  | ═════════ | ═════════ | ═════════ | ═════════

5.1. | Property, plant and equipment continued
| Included above are assets held under finance leases or hire purchase contracts as follows:
|  | 2025 |  | 2024 |
|  | Carrying | Depreciation | Carrying | Depreciation
|  | amount | charge | amount | charge
|  | £ | £ | £ | £
| Motor vehicles | 172,800 | 43,200 | 58,442 | 14,610
|  | ═════════ | ═════════ | ═════════ | ═════════

6. | Inventories | 2025 | 2024
|  | £ | £
| Work in progress | 10,557 | 16,295
|  | ═════════ | ═════════
| The replacement cost of stock did not differ significantly from the figures shown.

7. | Receivables | 2025 | 2024
|  | £ | £
| Trade receivables | 59,967 | 45,841
| Other debtors | 785 | 4,185
| Prepayments and accrued income | 33 | 33
|  | ───────── | ─────────
|  | 60,785 | 50,059
|  | ═════════ | ═════════

8. | Payables | 2025 | 2024
| Amounts falling due within one year | £ | £
| Bank loan | 51,033 | 38,283
| Net obligations under finance leases
| and hire purchase contracts | 59,196 | 16,343
| Trade payables | 265,416 | 109,155
| Taxation (Note 10) | 20,240 | 14,128
| Directors' current accounts | 180,249 | 175,148
| Other creditors | 70,622 | 79,981
| Accruals:
| Pension accrual | 2,175 | -
| Other accruals | 3,125 | 3,125
|  | ───────── | ─────────
|  | 652,056 | 436,163
|  | ═════════ | ═════════

9. | Payables | 2025 | 2024
| Amounts falling due after more than one year | £ | £
| Bank loan | 223,681 | 269,184
| Finance leases and hire purchase contracts | 139,607 | 36,108
|  | ───────── | ─────────
|  | 363,288 | 305,292
|  | ═════════ | ═════════
| Loans
| Repayable in one year or less, or on demand (Note 8) | 51,033 | 38,283
| Repayable between one and two years | 41,422 | 45,493
| Repayable between two and five years | 182,259 | 223,691
|  | ───────── | ─────────
|  | 274,714 | 307,467
|  | ═════════ | ═════════
| Net obligations under finance leases
| and hire purchase contracts
| Repayable within one year | 59,196 | 16,343
| Repayable between one and five years | 139,607 | 36,108
|  | ───────── | ─────────
|  | 198,803 | 52,451
|  | ═════════ | ═════════

10. | Taxation | 2025 | 2024
|  | £ | £
| Payables:
| VAT | 10,693 | 7,486
| Corporation tax | 1 | 1
| PAYE / NI | 9,546 | 6,641
|  | ───────── | ─────────
|  | 20,240 | 14,128
|  | ═════════ | ═════════

11. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Losses | Total | Total
|  | allowances |  |  |
|  |  |  | 2025 | 2024
|  | £ | £ | £ | £
| At financial year start | 25,940 | (8,404) | 17,536 | 19,457
| Charged to profit and loss | 25,543 | (65,075) | (39,532) | (1,921)
|  | ───────── | ───────── | ───────── | ─────────
| At financial year end | 51,483 | (73,479) | (21,996) | 17,536
|  | ═════════ | ═════════ | ═════════ | ═════════

12. | Related party transactions
| Heaney Heating Services (NI) Ltd Nicole Heaney is a director of Heaney Heating Ltd. She is also a director and shareholder of Heaney Heating Services (NI) Ltd. As at 1 May 2024, Heaney Heating Ltd owed Heaney Heating Services (NI) Ltd a total of £21,714. In the period the net transactions between Heaney Heating Services (NI) Ltd and Heaney Heating Limited amounted to £12,159. This resulted in a closing balance of £9,555 due to Heaney Heating Services (NI) Ltd. This amount is included within Other Creditors. Heaney Heating Plumbing Ltd Paul Heaney is a director and shareholder in Heaney Heating Ltd. He is also a director and shareholder in Heaney Heating Plumbing Ltd. As at 1 May 2024, Heaney Heating Plumbing Ltd owed Heaney Heating Ltd a total of £58,267. In the period the net transactions between Heaney Heating Plumbing Ltd and Heaney Heating Limited amounted to £2,800. This resulted in a closing balance due to Heaney Heating Plumbing Ltd of £61,067. This amount is included within Other Creditors. The above balances are interest free and repayable upon demand.

13. | Directors' advances, credits and guarantees
| At 1 May 2024, £175,147 was owed to the directors. Net transactions during the period amount to £5,102. At 30 April 2025, £180,249 was owed to the directors. These loans are interest free and repayable on demand.