White Underfloor Heating Ltd Filleted accounts for Companies House (small and micro)

WHITE UNDERFLOOR HEATING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI057024

White Underfloor Heating Ltd

Filleted Unaudited Financial Statements

30 September 2019

White Underfloor Heating Ltd

Statement of Financial Position

30 September 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	4	27,187	28,181

Current assets

Debtors	5	93,767	99,867
Cash at bank and in hand		13,680	3,211
		---------	---------
		107,447	103,078

Creditors: amounts falling due within one year	6	136,325	157,246
		---------	---------
Net current liabilities		28,878	54,168
		--------	--------
Total assets less current liabilities		( 1,691)	( 25,987)
		-------	--------
Net liabilities		( 1,691)	( 25,987)
		-------	--------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	( 11,691)	( 35,987)
	--------	--------
Shareholders deficit	( 1,691)	( 25,987)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

White Underfloor Heating Ltd

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:

Mr. J White

Director

Company registration number: NI057024

White Underfloor Heating Ltd

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 61 Malone Road, Belfast, BT9 6SA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line
Computer Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2018 and 30 September 2019	20,000	3,487	27,600	3,865	54,952
	--------	-------	--------	-------	--------
Depreciation
At 1 October 2018	–	3,487	20,540	2,744	26,771
Charge for the year	–	–	680	314	994
	--------	-------	--------	-------	--------
At 30 September 2019	–	3,487	21,220	3,058	27,765
	--------	-------	--------	-------	--------
Carrying amount
At 30 September 2019	20,000	–	6,380	807	27,187
	--------	-------	--------	-------	--------
At 30 September 2018	20,000	–	7,060	1,121	28,181
	--------	-------	--------	-------	--------

5. Debtors

	2019	2018
	£	£
Trade debtors	11,645	14,359
Other debtors	82,122	85,508
	--------	--------
	93,767	99,867
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	699
Trade creditors	64,724	84,173
Social security and other taxes	11,110	4,426
Other creditors	60,491	67,948
	---------	---------
	136,325	157,246
	---------	---------

7. Events after the end of the reporting period

Following the end of the financial year, the business activities of the company were severely impacted by the coronavirus pandemic resulting in supply chain issues as well sales being badly hit, given the shutdown of major customers and suppliers for a period of time. At the date of signing of the accounts the directors are unable to fully quantify the effects of the virus on the results for 2020, and possibly thereafter.

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. J White	43,255	8,100	51,355
Mrs. V White	21,049	( 10,500)	10,549
	--------	--------	--------
	64,304	( 2,400)	61,904
	--------	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. J White	31,255	12,000	43,255
Mrs. V White	50,924	( 29,875)	21,049
	--------	--------	--------
	82,179	( 17,875)	64,304
	--------	--------	--------