Boxed Heat Services Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Boxed Heat Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13805263 . The registered office is Office 6, Bristol Science Park Dirac Cresecent , Emersons Green, Bristol, BS16 7FR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The accounts are prepared on a going concern basis as directors are confident that they have sufficient funds in place to continue to trade. The buisness is operating in line with it's buisness model and funding is in place for the forsseable future.

2.3. Turnover

The turnover shown in the profit and loss represents turnover recognised in respect of services provided during the period, exclusive of value added tax.

The Company's turnover comprises:

-contractual charges for the provision of heating service

-income received upon commencement of the lighting agreement; and

-finance income on finance leases, recognised under the sum of digits basis. This apportions the gross earnings over the period arithmetically in proportion to the balance of future rentals receivable.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially recognised at cost. After recognistion, under the cost model, intangible assets are measured at cost less any accumaulated amortaisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life, if a reliable estimate of the useful life cannot be be made, the useful life shall not exceed ten years.

2.5. Leasing and Hire Purchase Contracts

When assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at a normal selling price, reflecting any applicable discounts, and finance income over the lease term.

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Boxed Heat Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument consistute a financing transaction, like the payment of trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Debtors and Creditors

Short term debtors are measured at transaction price, less any impairment. Loans receiveable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effecive interest method.

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Boxed Heat Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Intangible Assets

	Other
	£
Cost
As at 1 April 2024	18,862
Additions	360,481

As at 31 March 2025	379,343

Amortisation
As at 1 April 2024	629
Provided during the period	26,045

As at 31 March 2025	26,674

Net Book Value
As at 31 March 2025	352,669

As at 1 April 2024	18,233

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	83,565	147,218
Amounts recoverable on contracts	-	3,610
Prepayments and accrued income	49,556	39,233
Other debtors	-	223,215
VAT	171,155	64,819
Amounts owed by group undertakings	218,991	-

	523,267	478,095
Due after more than one year
Amounts recoverable on contracts	1,407,713	466,673

	1,930,980	944,768

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Boxed Heat Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	53,123	832
Other loans	142,775	13,793
Corporation tax	46,888	43,716
Other creditors	-	83
Accruals and deferred income	192,570	128,315
Amounts owed to group undertakings	512,812	-

	948,168	186,739

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	628,210	189,612

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	50	50

9. Related Party Transactions

Boxed Management Services Limited

During the year, the Company received a loan repayment of £4,224 from Boxed Management Services Limited (2024: £nil).

At the year-end, £218,991 (2024: £223,215) was owed to the Company by Boxed Management Services Limited.

The Company's parent company (Boxed Solutions Limited) is also the parent company of Boxed Management Services Limited.

Boxed Energy Limited

During the year, the Company was invoiced £606,441 (VAT excl.) by Boxed Energy Limited. (2024: £nil)

The Company paid £215,000 of this amount owed to Boxed Energy Limited.

At the year-end, £512,729 (2024: £nil) was owed by the Company to Boxed Energy Limited.

Boxed Management Services Limited owns 50% of the shares in Boxed Energy Limited.

Common directors

P Tuch and M Button, directors of the Company, are also directors of Boxed Management Services Limited and Boxed Energy Limited.

10. Ultimate Controlling Party

The Company's ultimate parent company is Boxed Solutions Limited, whose registered office is Office 6, Bristol Science Park Dirac Crescent, Emersons Green, Bristol, BS16 7FR

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		352,669		18,233

			352,669		18,233
CURRENT ASSETS
Debtors	5	1,930,980		944,768
Cash at bank and in hand		190,632		-

		2,121,612		944,768
Creditors: Amounts Falling Due Within One Year	6	(948,168 )		(186,739 )

NET CURRENT ASSETS (LIABILITIES)			1,173,444		758,029

TOTAL ASSETS LESS CURRENT LIABILITIES			1,526,113		776,262

Creditors: Amounts Falling Due After More Than One Year	7		(628,210 )		(189,612 )

PROVISIONS FOR LIABILITIES
Provisions For Charges			(22,000 )		-

NET ASSETS			875,903		586,650

CAPITAL AND RESERVES
Called up share capital	8		50		50
Share premium account			451,200		451,200
Profit and Loss Account			424,653		135,400

SHAREHOLDERS' FUNDS			875,903		586,650