Company registration number 01773699 (England and Wales)
ROBERT HEATH HEATING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
ROBERT HEATH HEATING LIMITED
COMPANY INFORMATION
Directors
Mr K Ellmore
Mr H van den Berg
Mr B van Hauwermeiren
Mr M Dyer
Mr T Miki
Mr A Dimou
(Appointed 1 August 2025)
Company number
01773699
Registered office
Heath House
264 Burlington Road
New Malden
Surrey
United Kingdom
KT3 4NN
Auditor
Deloitte LLP
1 Station Square
Cambridge
United Kingdom
CB1 2GA
Accountants
Ward Williams Limited
9 Crossways
London Road
Sunninghill
Berkshire
SL5 0PY
Bankers
Barclays
Leicester
United Kingdom
LE87 2BB
ROBERT HEATH HEATING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 29
ROBERT HEATH HEATING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Principal activities

The principal activity of the company is the service, maintenance and installation of domestic and commercial heating and hot water systems within the affordable housing sector.

Review of the business

The company’s current accounts cover 12 months to 31 March 2026. This follows a previous change in reporting date which resulted in a shortened 9 month period to 31 March 2025. The change was implemented in 2025 to align the company’s financial reporting with other members of the Daikin group.

Turnover for the financial year ended 31 March 2026 was £26 million (2025: £25.4 million) and gross profit was £5.6 million (2025: £7.6 million).

Changes in the customer base have been the most significant drivers for the change in turnover and gross profit. The gross profit margin for the year was 21.6% (2025: 29.8%), attributable to competitive pressures.

The business generated profit before tax of £1.9 million (2025: £1.2 million).

The most significant driver of profit in the year is a group transfer pricing adjustment of £4.3m. This is presented in Administrative expenses and has had a positive impact on net profit. There was no adjustment in the prior period.

The net assets position at the year end date was £23.0 million (2025: £21.5 million). This improvement is attributable to profit retained for the year.

Some highlights of the business from the year include;

- Upskilling Engineers in Net Zero: Continuing our investment in staff development by training our engineers on key net zero technologies, including heat pumps, solar, and MVHR solutions.

- Empowering Back-Office Staff: Utilising our training centres to educate back-office teams on net zero technologies, enabling them to handle customer enquiries more efficiently and knowledgeably.

- Expanding Net Zero Contracts: Continuing to secure and onboard new client contracts, particularly within the net zero space, where we manage comprehensive electrified heating solutions for our clients.

- Maintaining Excellence: Achieving consistently high levels of customer satisfaction and compliance across all clients.

The number of employees reduced slightly during the year with an average of 236 staff members (2025: 260). The health, safety and wellbeing of our staff and end customers remained a priority for the year and we worked to ensure all those engaged and affected by our services did so in a safe working environment.

The principal risks to the business include the competitive marketplace in which it operates, and the general uncertainty within the UK economy.

Please refer to the conclusions relating to going concern in the Directors' Report.

In consideration of all the events in the year, the directors were pleased with performance and remain positive for the outlook of the business.

Please refer to comments relating to future developments within the Director's Report.

Principal risks and uncertainties

The principal risks and uncertainties facing the company include the following:

Market risk

The company operates in a highly competitive market but the quality and consistency of the company's product and services minimises the risk of losing sales to its key competitors. The company manages this risk by providing innovative products to its customers, having fast response times to customer enquiries and maintaining strong relationships with its customers.

ROBERT HEATH HEATING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. In the event that a loss has been identified or occurred a provision has been made for impairment. The company's management further mitigates the risk by obtaining credit insurance against the majority of its customers. The company has low credit risk, due to the exposure being spread over a large number of customers.

Liquidity risk

In order to maintain liquidity to ensure sufficient funds are available for ongoing operations and future developments, the company uses its own cash reserves and manages the payment of funds to fellow group companies.

Price risk

The company does not believe that there is an exposure to price risk.

Cash flow risk

The company does not believe that there is an exposure to cash flow risk.

Key Performance Indicators

The key financial indicators are:

Year end Period end

31 March 2026 31 March 2025 % movement

Turnover £26,039,403 £25,376,392 2.6%

Gross Profit £5,622,392 £7,571,363 (25.7%)

Gross Profit margin 21.6% 29.8%

The analysis of the movement in the key performance indicators can be seen in the Review of the business section.

Promoting the success of the company

The directors of the company must act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006, which is summarised below.

A director of a company must act in a way they consider in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole, and in doing so, have regard amongst other matters to

- the likely consequences of any decision in the long term,

- the interests of the company's employees,

- the need to foster the company's business relationships with suppliers, customers and others,

- the impact of the company's operations on the community and the environment,

- the desirability of the company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the company.

The directors fulfil their duties through a governance framework that delegates day-to-day decision making to employees of the company.

ROBERT HEATH HEATING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

Overview of how the board performs its duties

Likely consequences of any decisions in the long term

Strategy is designed to have a long-term beneficial impact on the company. Strategy is geared towards ensuring success in the delivery of the most efficient and safe solutions to the company's customers for their heating, ventilation and climate control needs.

The interest of the company's employees

The directors value the involvement of company employees and keep them informed on matters affecting them as employees and factors affecting company performance. To strengthen this connection, we have recently updated our approach to internal communication:

- Strategic Alignment: We have restructured the business into clear pillars to communicate our strategic direction and operational challenges more effectively to all staff. As part of this transparency, Directors now regularly join operational team meetings to discuss the company's trajectory and ensure our action plans are fully aligned across the business.

- Company Newsletters: We have launched a new staff newsletter initiative. This regular communication keeps the entire workforce up to date on recent contract wins, key company initiatives, and general business activities.

- Exceptional Achievement Recognition: We have introduced a new program specifically designed to recognise employees who go above and beyond their normal duties. These exceptional achievements are now formally acknowledged and celebrated across the whole company.

Business relationships with customers, suppliers and others

The company commits to relationships based on trust and openness with all customers, colleagues, business, partners and communities.

Community and the environment

The company is aware of its responsibility to protect the environment and its policies and practices strive to keep environmental sustainability high. The company is committed to reducing carbon gas emissions, improving energy efficiency and making use of sustainable energy sources. Several initiatives have been undertaken to reduce emissions and improve efficiencies. Please refer to the Energy and Carbon Report within the Directors' Report.

Maintaining a reputation for high standards of business conduct

The company aims to maintain high standards by directing a strategy that aims to anticipate the future needs of customers. It is committed to building growth through the initiative and excellence of its employees.

The need to act fairly as between members of the company

The board is committed to acting fairly between members of the group and actively engages with shareholders and encourages feedback as part of this engagement process.

Approved by the Board and signed on its behalf by:

Mr H van den Berg
Director
3 July 2026
ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
The directors present their report and financial statements for the year ended 31 March 2026.
Results and dividends

The results for the year are set out on page 14.

No ordinary dividends were paid (2025: nil). 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 M L Heath
(Resigned 1 August 2025)
Mr K Ellmore
Mr H van den Berg
Mr B van Hauwermeiren
Mr M Dyer
Mr T Miki
Mr A Dimou
(Appointed 1 August 2025)

Going concern

The directors have carried out a review of the company's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. Whilst the directors recognise that the company remains exposed to the risk of an uncertain environment and its impact on the global economy, they continue to review the business performance regularly throughout the going concern period.

The directors have assumed that operations remain open and that the company will continue to service its customers. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, for a period not less than 12 months from approval of these financial statements. The company has access to a group cash pooling arrangement with Daikin Europe Coordination Center N.V, as disclosed in Note 13, and can draw down amounts from this arrangement without restriction and on demand if required for operational needs. Thus, the directors continue to adopt the going concern

basis of accounting in preparing the financial statements.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

The discussion of financial risk management objectives and policies has been promoted to the Strategic report within the 'Principal risks and uncertainties' section and forms part of this report by cross reference.

Disabled persons

The company's policy is to giv e full and fair consideration to applications for employment by the company made by disabled persons, having regard to their particular aptitudes and abilities. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Arrangements are made, wherever possible, for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled persons during the period when they were employed by the company, to enable them to perform work identified as appropriate to their aptitudes and abilities.

ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Please also refer to the Section 172 statement within the Strategic Report for considerations.

Business relationships

The company's approach to stakeholder engagement is set out in the Strategic report in the "Business relationships with customers, suppliers and others" section.

Post reporting date events

There have been no post balance sheet events that require adjustment or disclosure in the financial statements.

Future developments

The Directors remain fully committed to investing in our operational and technical readiness for the transition to net zero technologies. Moving forward, a key strategic focus for the Board will be a targeted investment in F-Gas (Fluorinated greenhouse Gas) training and certification for our engineering workforce. This vital upskilling will enable the business to secure new contracts and capitalise on the opportunities presented by the rapidly growing air-to-air heat pump market within the UK.

Auditor

Deloitte LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
Energy and carbon report

We are committed to achieving net zero emissions by 2040. We are conscious of the positive impact achieving this will have on the environment and for future generations and the company has a formal carbon reduction plan in place.

The directors set out below details of the company's carbon and energy use as required under the Companies Act 2006 - The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018).

Emissions in the current year below represent annual emissions from the company's operations across the UK for the year ended 31 March 2026. The comparative amounts represent emissions for the 9 month period ended 31 March 2025.

Year
Period
ended
ended
31 March
31 March
2026
2025
kWh
kWh
Energy consumption
Aggregate of energy consumption in the period
700,111
156,256
Year
Period
ended
ended
31 March
31 March
2026
2025
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion and fuel consumed by owned transport
828.33
718.61
828.33
718.61
Scope 2 - indirect emissions
- Gas and electricity purchased
78.91
17.67
Scope 3 - other indirect emissions
- Including waste disposal, purchased goods and services, and fuel consumed for transport not owned by the company
2,520.76
129.15
Total gross emissions
3,428.00
865.43
Intensity ratio
Tonnes CO2e per £m revenue
131.65
34.10
Tonnes CO2e per employee
15
3
ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

Scope 3 Emissions

For the year ended 31 March 2026, and as part of the company's commitment to reducing emissions, the company engaged third party consultants to assist with the collation of figures. As a consequence, consideration of the company's emissions, particularly in respect of Scope 3, has been expanded. Figures now include emissions relating to purchased goods and services, being emissions generated through the extraction, production, and transportation of goods and services purchased by the company. Emissions from employee commuting and home working are also now included.

Figures for Scope 3 and the overall intensity ratio in the previous period are consequently not directly comparable. However, the current calculation methods provide more comprehensive and accurate data and are in line with GHG Protocol guidance to include all material Scope 3 emissions.

Intensity measurement

The chosen intensity measurement ratio are total gross emissions in tonnes CO2e per £m sales revenue and tonnes CO2e per employee.

Measures taken to improve energy efficiency

The company is in the process of moving to the independently verified SBTi (Science-Based Targets initiative) carbon reduction targets. We expect to release a formal carbon reduction plan during the period ending 31 March 2027. To date, we have taken various actions to support our transition to net zero carbon by 2040, all of which are ongoing and described below.

ISO:14001

We have maintained our ISO 14001 standard for Environmental Management Systems and are proactively and consistently looking to improve our environmental performance.

Information technology

In addition to using 100% renewable energy tariffs, our in-house programming team have developed software using fast and efficient coding to reduce CPU time. Where possible, high intensity work has been rescheduled to off peak hours to smooth demand on the energy grid.

Servers have been moved to the cloud and been scaled back or shut down outside of key demand periods.

Balanced energy is achieved at our information solutions facility in Wales by load shifting energy demand to off peak periods and also by using a battery bank to store electricity. This energy is then released at times when demand is higher, both supporting the grid and reducing the company's carbon emissions.

ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -

Fleet and transportation

Our entire fleet continues to be fully compliant with ultra-low emission zone requirements. We require our engineers to perform vehicle checks on their mobile devices, including tyre pressure and vehicle cleanliness, to minimise drag and rolling resistance and maintain optimal fuel economy.

Reducing mileage is a key part of our carbon reduction strategy for our engineers. We have introduced video enabled soft fix to support residents to resolve simple issues and negate the need for physical attendance to site, in turn reducing the carbon impact of our fleet.

To decarbonise our commercial fleet we are planning to trial hybrid vans alongside our parent company Daikin.

We have a hybrid flexible working model to reduce the need for commuting to company sites and improve the work life balance for our employees.

We have introduced virtual toolbox talks to negate the requirement for engineers to travel to a site for operational and technical updates.

Offices and company locations

We work with our energy broker to review annually and identify the best energy tariff to reduce the carbon intensity of energy supplies to our offices, ensuring that our selection is optimal for our net zero carbon commitment.

To support our staff and visitors in the adoption of electric vehicles, we have four electric vehicle chargers at our head office in New Malden. Whilst we recognise that this could negatively impact our scope two emissions, supporting the transition to electrification of transportation will positively impact our scope one and three emissions

Waste

We are focused in reducing the amount of waste we send to landfill and aim to reduce the amount of waste we generate in line with government strategy.

Data

We continue to gather data on our carbon emissions and work closely with our supply chain partners on our scope 3 emissions to identify areas for improvement, for example:

- working with our waste contractors to minimise waste to landfill and maximise recycling;

- improving data accuracy for commuting whilst identifying opportunities to reduce emissions such as hybrid working with the utilisation of technology;

- working with our procurement team and suppliers to understand emissions around delivery and collection of materials.

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. This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

ROBERT HEATH HEATING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Approved by the Board and signed on its behalf by:
Mr H van den Berg
Director
3 July 2026
Heath House
264 Burlington Road
New Malden
Surrey
United Kingdom
KT3 4NN
ROBERT HEATH HEATING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -

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, including FRS 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements 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.

ROBERT HEATH HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBERT HEATH HEATING LIMITED
- 11 -
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of Robert Heath Heating Limited (the ‘company’):

- give a true and fair view of the state of the company’s affairs as at 31 March 202 6 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

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

We have audited the financial statements which comprise:

- the statement of comprehensive income;

- the balance sheet;

- the statement of changes in equity; and

- the related notes 1 to 2 1.

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).

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 Financial Reporting Council’s (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.

ROBERT HEATH HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBERT HEATH HEATING LIMITED (CONTINUED)
- 12 -
Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, UK GAAP, pensions legislation and t ax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included employment law, General Data Protection Regulation (GDPR) and health and safety law.

We discussed among the audit engagement team, including relevant internal specialists such as tax, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud in the area of accrued income. Management may be incentivised to overstate revenue by recognising income in advance of it being earned. To address this risk we designed the following procedures in relation to the accrued income balance:

- Obtained an understanding of the accrued income recognition process and evaluated the controls around year end cut-off and recognition.

- Tested a sample of acc r ued income balances by agreeing amounts to underlying contractual terms, supporting calculations and other corroborating evidence as to the completion of the work performed.

- Considered the recoverability of accrued income balances via subsequent cash receipts, or analysis of credit risk and payment history for th e customer in question.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

ROBERT HEATH HEATING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBERT HEATH HEATING LIMITED (CONTINUED)
- 13 -

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and in-housel legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance.

Report on other legal and regulatory requirements

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 directors’ report 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.

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 any material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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.

We have nothing to report in respect of these matters.

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.

Tom Gooda (Senior Statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Cambridge, United Kingdom
3 July 2026
ROBERT HEATH HEATING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
Year
Period
ended
ended
31 March
31 March
2026
2025
Notes
£
£
Turnover
3
26,039,403
25,376,392
Cost of sales
(20,417,011)
(17,805,029)
Gross profit
5,622,392
7,571,363
Administrative expenses
(4,308,314)
(6,877,986)
Other operating income
3
20,800
1,000
Operating profit
4
1,334,878
694,377
Interest receivable and similar income
8
573,026
522,706
Profit before taxation
1,907,904
1,217,083
Taxation
9
(480,119)
(310,739)
Profit for the period
1,427,785
906,344
Total comprehensive income for the period
1,427,785
906,344

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

ROBERT HEATH HEATING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 15 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1
1
Tangible assets
11
860,269
667,742
860,270
667,743
Current assets
Stocks
12
789,498
658,272
Debtors
13
26,139,139
22,422,003
Cash at bank and in hand
452,415
4,644,483
27,381,052
27,724,758
Creditors: amounts falling due within one year
14
(5,066,148)
(6,695,352)
Net current assets
22,314,904
21,029,406
Total assets less current liabilities
23,175,174
21,697,149
Provisions for liabilities
Deferred tax liability
15
212,136
161,896
(212,136)
(161,896)
Net assets
22,963,038
21,535,253
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
18
22,962,038
21,534,253
Total equity
22,963,038
21,535,253
The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Mr H van den Berg
Director
Company registration number 01773699 (England and Wales)
ROBERT HEATH HEATING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
Called up share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2024
1,000
20,627,909
20,628,909
Period ended 31 March 2025:
Profit and total comprehensive income
-
906,344
906,344
Balance at 31 March 2025
1,000
21,534,253
21,535,253
Year ended 31 March 2026:
Profit and total comprehensive income
-
1,427,785
1,427,785
Balance at 31 March 2026
1,000
22,962,038
22,963,038
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
1
Accounting policies
Company information

Robert Heath Heating Limited is a private company limited by shares incorporated in England and Wales. The registered office is Heath House, 264 Burlington Road, New Malden, Surrey, United Kingdom, KT3 4NN. The company's principal activity is stated in the Strategic report on page 1.

1.1
Reporting period

These financial statements cover the 12 month period ended 31 March 2026. The company's financial reporting date is now aligned with other members of the Daikin group. The comparatives represent the previous 9 month period ended 31 March 2025 and are not directly comparable.

1.2
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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel;

- Section 29 'Income Tax': Deferred tax arising from Pillar Two legislation.

The financial statements of the company are consolidated in the financial statements of Daikin Europe N.V. These consolidated financial statements are available from its registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

1.3
Going concern

The directors have carried out a review of the company's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. Whilst the directors recognise that the company remains exposed to the risk of an uncertain environment and its impact on the global economy, they continue to review the business performance regularly throughout the going concern period. true

The directors have assumed that operations remain open and that the company will continue to service its customers. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, for a period not less than 12 months from approval of these financial statements. The company has access to a group cash pooling arrangement with Daikin Europe Coordination Center N.V, as disclosed in Note 13, and can draw down amounts from this arrangement without restriction and on demand if required for operational needs. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

The total turnover for the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods and services have passed to the buyer (usually on dispatch of the goods or completion of service), 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. Where payments are received in advance of the goods or services being delivered, they are recorded as deferred income and the amounts are included as part of creditors within one year.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Income in respect of government incentives for apprenticeship schemes is recognised on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate. Income is only recognised once all conditions and contingencies have been satisfied in full.

1.5
Research and development expenditure

Research expenditure is written off against profits in the period in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
5 years straight line
1.7
Tangible fixed assets

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

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -

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

Land and buildings Leasehold
in-line with the lease period
Plant and machinery
5 - 10 years straight line
Fixtures, fittings & equipment
5 - 10 years straight line
Computer equipment
3 - 5 years straight line

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 recognised in the statement of comprehensive income.

1.8
Impairment of fixed assets

At each reporting end date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cost is based on the initial cost of purchase on a first in, first out basis where appropriate.

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.

1.10
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.

1.11
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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price, less any impairment.

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Loans and receivables 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.

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. 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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are measured at transaction price.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Other financial liabilities

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 effective interest method.

Derecognition of financial liabilities

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

1.12
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.

1.13
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 statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods 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.

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 21 -
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 year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, 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.

1.14
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 year 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.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
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 year are included in profit or loss.

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
2
Critical accounting 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.

Critical accounting judgements

In the process of applying the entity’s accounting policies, no critical judgements have been made that are considered to have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

There are no key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

3
Turnover and other operating income

An analysis of the company's turnover is as follows:

Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Turnover analysed by class of business
Service, maintenance and installation of domestic and commercial heating and hot water systems
25,121,594
24,249,678
Electrical and fire security installation and repair works
917,809
1,126,714
26,039,403
25,376,392

The total turnover for the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Other operating income
Other income
20,800
1,000

Other income consists of a claim settlement received. In the prior year, other income of £1,000 comprised government grants received in respect of an apprenticeship scheme. There were no unfulfilled conditions attached to these grants.

ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
4
Operating profit
Year
Period
ended
ended
31 March
31 March
2026
2025
Operating profit for the period is stated after charging:
£
£
Depreciation of owned tangible fixed assets
342,718
209,073
Loss on disposal of tangible fixed assets
17,984
10,952
Operating lease charges
1,008,851
761,003
5
Auditor's remuneration
Year
Period
ended
ended
31 March
31 March
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
100,217
77,121

No fees were paid or payable to the statutory auditor in respect of non-audit services (2025: £nil). The auditor's remuneration relates solely to statutory audit services provided for the period.

6
Employees

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

Year
Period
ended
ended
31 March
31 March
2026
2025
Number
Number
Management and administration
114
123
Service and installation
122
137
Total
236
260
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Wages and salaries
8,877,794
6,972,599
Social security costs
1,202,582
739,324
Pension costs
262,277
178,247
10,342,653
7,890,170
7
Directors' remuneration
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Remuneration for qualifying services
155,168
7,750
Company pension contributions to defined contribution schemes
1,821
214
156,989
7,964

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2025 - 1).

As total directors' remuneration for both the year ended 31 March 2026 and the period ended 31 March 2025 is less than £200,000, no disclosure in respect of the highest paid director has been included.

During the year, the company did not pay any compensation to directors or past directors in respect of loss of office (2025: £nil).

8
Interest receivable and similar income
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Interest income
Interest on bank deposits
90,368
139,951
Interest receivable from group companies
460,399
382,184
Other interest income
22,259
571
Total income
573,026
522,706
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
8
Interest receivable and similar income
(Continued)
- 25 -

Other interest income includes £22,259 (2025: £528) relating to interest received in respect of an overpayment of corporation tax.

9
Taxation
Year ended
Period ended
31 March
31 March
2026
2025
£
£
Current tax
UK corporation tax on profits for the current year
429,638
274,553
Adjustments in respect of prior periods
241
-
0
Total current tax
429,879
274,553
Deferred tax
Origination and reversal of timing differences
50,240
36,186
Total tax charge
480,119
310,739

OECD Pillar Two model rules

The company is within the scope of the OECD Pillar Two model rules. The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in amendments to FRS102. The company does not anticipate recording material top-up taxes associated with Pillar Two in the near future.

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:

Year ended
Period ended
31 March
31 March
2026
2025
£
£
Profit before taxation
1,907,904
1,217,083
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
476,976
304,271
Tax effect of expenses that are not deductible in determining taxable profit
10,467
8,988
Change in deferred tax provision
50,240
36,186
Capital allowances
(143,485)
(90,974)
Depreciation on assets
85,680
52,268
Under/(over) provided in prior years
241
-
0
Taxation charge for the year
480,119
310,739
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
10
Intangible fixed assets
Software
£
Cost
At 1 April 2025 and 31 March 2026
1
Amortisation and impairment
At 1 April 2025 and 31 March 2026
-
0
Carrying amount
At 31 March 2026
1
At 31 March 2025
1
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2025
60,357
125,889
165,714
1,197,497
1,549,457
Additions
-
0
7,061
14,888
550,108
572,057
Disposals
-
0
(17,877)
-
0
(255,501)
(273,378)
At 31 March 2026
60,357
115,073
180,602
1,492,104
1,848,136
Depreciation and impairment
At 1 April 2025
46,005
87,483
155,424
592,803
881,715
Depreciation charged in the year
12,302
17,098
4,366
308,952
342,718
Eliminated in respect of disposals
-
0
(17,877)
-
0
(218,689)
(236,566)
At 31 March 2026
58,307
86,704
159,790
683,066
987,867
Carrying amount
At 31 March 2026
2,050
28,369
20,812
809,038
860,269
At 31 March 2025
14,352
38,406
10,290
604,694
667,742
12
Stocks
2026
2025
£
£
Work in progress
319,046
181,288
Finished goods and goods for resale
470,452
476,984
789,498
658,272
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
13
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
2,742,962
6,108,778
Accrued income
2,701,456
2,789,382
Corporation tax recoverable
-
0
225,447
Amounts owed by group undertakings
20,284,624
12,871,982
Prepayments
410,097
426,414
26,139,139
22,422,003

Trade debtors disclosed above are measured at amortised cost.

Amounts owed by group undertakings include a balance of £5,002,215 (2025: £nil) in respect of inter-group trading and group transfer pricing arrangements, which is repayable under normal business trading terms. No interest is charged on this balance.

Amounts owed by group undertakings also include £15,282,409 (2025: £12,871,982) relating to a group cash pooling arrangement which is repayable on demand and accumulates interest at GBP SONIA less intercompany margin calculated by Daikin Europe Coordination Center N.V, a fellow group undertaking.

14
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
2,727,548
4,338,856
Amounts owed to group undertakings
176,407
209,490
Corporation tax payable
429,638
-
0
Other taxation and social security
675,702
1,103,145
Deferred income
65,250
125,798
Other creditors
46,311
47,468
Accruals
945,292
870,595
5,066,148
6,695,352

Amounts due to group undertakings are unsecured, do not attract interest and are repayable under normal business trading terms.

15
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
212,136
161,896
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
15
Deferred taxation
(Continued)
- 28 -
2026
Movements in the year:
£
Liability at 1 April 2025
161,896
Charge to profit or loss
50,240
Liability at 31 March 2026
212,136

The amount of the net reversal of deferred tax expected to occur next year is £72,961 (2025: £67,947) relating to the reversal of existing timing differences on tangible fixed assets.

There are no unused tax losses nor tax credits.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.

16
Retirement benefit schemes
31 March
31 March
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
262,277
178,247

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.

There were no commitments for defined contribution liabilities at the year end.

17
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

The company has one class of ordinary shares which carry no right to fixed income.

The total authorised share capital is 1,000 shares of £1 each.

18
Profit and loss reserves
2026
2025
£
£
At the beginning of the period
21,534,253
20,627,909
Profit for the period
1,427,785
906,344
At the end of the period
22,962,038
21,534,253
ROBERT HEATH HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
19
Operating lease commitments
Lessee

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:

2026
2025
£
£
Within 1 year
557,730
867,185
Between 2-5 years
463,259
403,173
1,020,989
1,270,358

In addition to the above, the company occupies a building that is leased by an intermediate parent on a rolling basis. The amount paid during the period in respect of this was £78,000 (2025: £65,625).

20
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption conferred by FRS102 section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared.

21
Ultimate controlling party

The immediate parent company is Robert Heath Group Limited, company no. 06713680, registered in England and Wales.

The company's results are consolidated into group accounts prepared by Daikin Europe N.V., a company registered in Belgium. This is the parent undertaking of the smallest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

The ultimate parent undertaking and controlling party is Daikin Industries Limited, a company registered in Japan. Daikin Industries Limited is the parent undertaking of the largest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Umeda Center Bldg., 2-4-12, Nakazaki-Nishi, Kita-ku, Osaka. 530-8323, Japan.

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