Boiler & Heating Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02991442 (England and Wales)

BOILER & HEATING SUPPLIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Stansfield

G Stone

SECRETARY:

G Stone

REGISTERED OFFICE:

27a Lidget Hill

Pudsey

Leeds

West Yorkshire

LS28 7LG

REGISTERED NUMBER:

02991442 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

27a Lidget Hill

Pudsey

Leeds

LS28 7LG

BANKERS:

National Westminster Bank Plc

7 Hustlergate

Bradford

West Yorkshire

BD1 1PP

FIXED ASSETS

Tangible assets

4

60,169

49,130

CURRENT ASSETS

Stocks

91,798

95,688

Debtors

5

161,392

197,743

Cash at bank

336,669

341,942

589,859

635,373

CREDITORS

Amounts falling due within one year

6

291,531

266,888

NET CURRENT ASSETS

298,328

368,485

TOTAL ASSETS LESS CURRENT LIABILITIES

358,497

417,615

CREDITORS

Amounts falling due after more than one year

7

(4,480

)

(13,886

)

PROVISIONS FOR LIABILITIES

(568

)

(1,300

)

NET ASSETS

353,449

402,429

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

352,949

401,929

SHAREHOLDERS' FUNDS

353,449

402,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2020 and were signed on its behalf by:

K Stansfield - Director

1.	STATUTORY INFORMATION

Boiler & Heating Supplies Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency of the financial statements is the Pound Sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoice value of goods and services supplied, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants received during the year have been accounted for based on the period to which they

relate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets

classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include

cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal

commercial terms, the debtor will be valued initially at the transaction price (i.e. cost) and subsequently at

transaction price less impairment (if any) due to concerns over recoverability.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the year end and that are expected

to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company makes contributions to the personal pension scheme of Mr K Stansfield, a director of the

company. Contributions are charged to the profit and loss account as and when they are paid.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2019

105,884

Additions

39,960

Disposals

(38,370

)

At 30 June 2020

107,474

DEPRECIATION

At 1 July 2019

56,754

Charge for year

15,802

Eliminated on disposal

(25,251

)

At 30 June 2020

47,305

NET BOOK VALUE

At 30 June 2020

60,169

At 30 June 2019

49,130

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2019

and 30 June 2020

24,500

DEPRECIATION

At 1 July 2019

and 30 June 2020

10,717

NET BOOK VALUE

At 30 June 2020

13,783

At 30 June 2019

13,783

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

150,592

185,300

Other debtors

10,800

12,443

161,392

197,743

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

9,026

9,026

Trade creditors

108,658

145,687

Amounts owed to group undertakings

71,699

71,699

Taxation and social security

32,768

21,709

Other creditors

69,380

18,767

291,531

266,888

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

4,480

13,886

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

9,026

9,026

Between one and five years

4,480

13,886

13,506

22,912

Non-cancellable

operating leases

2020

2019

£

£

Within one year

11,784

11,784

Between one and five years

42,769

43,043

In more than five years

31,186

41,878

85,739

96,705

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

13,506

22,912

10.	COVID - 19

The accounts for the year were partially impacted by Covid-19. Following the government's announcement

of UK lockdown on the evening of March 23 the number of new orders were considerably down on normal.

In order to protect the company and its employees, advantage was taken of the government Coronavirus

Job Retention Scheme and an employee was furloughed, the company also received a local authority

grant. Due to strong financial controls the company has retained reserves and stands well placed to

compete in the market as lockdown is eased and normal trading conditions return to the UK.