Thermaheat Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC154472 (Scotland)

Thermaheat Limited

Financial Statements

for the Year Ended 31st March 2020

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Directors:

R S Purves

I Ramage

Secretary:

I Ramage

Registered office:

Unit 1

Edenside Workshops

Inch Road

Kelso

Roxburghshire

TD5 7JR

Registered number:

SC154472 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

32,900

41,703

Current assets

Stocks

83,571

75,470

Debtors

5

140,074

117,281

Cash at bank and in hand

62,330

105,619

285,975

298,370

Creditors

Amounts falling due within one year

6

135,740

144,033

Net current assets

150,235

154,337

Total assets less current liabilities

183,135

196,040

Provisions for liabilities

6,251

7,924

Net assets

176,884

188,116

Capital and reserves

Called up share capital

12,503

12,503

Retained earnings

164,381

175,613

Shareholders' funds

176,884

188,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st October 2020 and were signed on its behalf by:

I Ramage - Director

R S Purves - Director

1.	Statutory information

Thermaheat Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the

year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer. Turnover arising from the provision of services is recognised as

contract activity progresses and the right to consideration is earned. Unbilled turnover is included in

debtors as amounts recoverable on contracts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

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

obsolete and slow moving items.

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net

realisable value is based on estimated selling prices less further costs expected to be incurred in

bringing the stock to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors, accruals, loans and directors' loans.

Directors' loans and loans (being repayable on demand), trade debtors, trade creditors and accruals

are measured at the undiscounted amount of the cash or other consideration expected to be paid or

received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income

and retained earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of

income and retained earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 10 (2019 - 9 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1st April 2019

23,422

4,068

86,963

114,453

Additions

-

-

8,700

8,700

At 31st March 2020

23,422

4,068

95,663

123,153

Depreciation

At 1st April 2019

21,616

2,450

48,684

72,750

Charge for year

686

324

16,493

17,503

At 31st March 2020

22,302

2,774

65,177

90,253

Net book value

At 31st March 2020

1,120

1,294

30,486

32,900

At 31st March 2019

1,806

1,618

38,279

41,703

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

125,647

96,616

Amounts recoverable on contract

1,680

15,674

Other debtors

12,747

4,991

140,074

117,281

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

61,743

78,674

Taxation and social security

44,083

47,265

Other creditors

29,914

18,094

135,740

144,033