Heating World of Spares Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06014278 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

HEATING WORLD OF SPARES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A L Scott

R Scott

K R Scott

Mrs E Scott

SECRETARY:

A L Scott

REGISTERED OFFICE:

Unit 2 Beaumont Square

Durham Way South

Newton Aycliffe

Co. Durham

DL5 6XN

REGISTERED NUMBER:

06014278 (England and Wales)

ACCOUNTANTS:

Mitchells Grievson Limited

Kensington House

3 Kensington

Bishop Auckland

Co. Durham

DL14 6HX

FIXED ASSETS

Tangible assets

4

433,487

408,558

CURRENT ASSETS

Stocks

1,036,000

774,800

Debtors

5

417,368

396,409

Cash at bank and in hand

1,010,034

1,107,252

2,463,402

2,278,461

CREDITORS

Amounts falling due within one year

6

974,346

924,941

NET CURRENT ASSETS

1,489,056

1,353,520

TOTAL ASSETS LESS CURRENT LIABILITIES

1,922,543

1,762,078

CREDITORS

Amounts falling due after more than one year

7

(233,052

)

(258,422

)

PROVISIONS FOR LIABILITIES

(7,101

)

(2,196

)

NET ASSETS

1,682,390

1,501,460

CAPITAL AND RESERVES

Called up share capital

201

201

Retained earnings

1,682,189

1,501,259

SHAREHOLDERS' FUNDS

1,682,390

1,501,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 20 December 2022 and were signed on its behalf by:

A L Scott - Director

1.	STATUTORY INFORMATION

Heating World of Spares 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 as modified by the revaluation of certain assets.

The financial statements have been prepared under the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

25% on cost

Stocks

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

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 June 2021

432,493

8,914

28,886

Additions

-

1,099

41,198

At 31 May 2022

432,493

10,013

70,084

DEPRECIATION

At 1 June 2021

50,243

8,914

25,128

Charge for year

8,294

183

8,841

At 31 May 2022

58,537

9,097

33,969

NET BOOK VALUE

At 31 May 2022

373,956

916

36,115

At 31 May 2021

382,250

-

3,758

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 June 2021

38,472

76,609

585,374

Additions

-

12,631

54,928

At 31 May 2022

38,472

89,240

640,302

DEPRECIATION

At 1 June 2021

33,323

59,208

176,816

Charge for year

5,149

7,532

29,999

At 31 May 2022

38,472

66,740

206,815

NET BOOK VALUE

At 31 May 2022

-

22,500

433,487

At 31 May 2021

5,149

17,401

408,558

Cost or valuation at 31 May 2022 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2010

47,219

-

-

Valuation in 2014

(55,000

)

-

-

Cost

440,274

10,013

70,084

432,493

10,013

70,084

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2010

-

-

47,219

Valuation in 2014

-

-

(55,000

)

Cost

38,472

89,240

648,083

38,472

89,240

640,302

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

169,163

169,163

Aggregate depreciation

13,096

13,096

Freehold land and buildings were valued on an open market basis on 31 May 2016 by Mr A Scott (Director) .

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

Motor

vehicles

£

COST OR VALUATION

At 1 June 2021

and 31 May 2022

38,472

DEPRECIATION

At 1 June 2021

33,323

Charge for year

5,149

At 31 May 2022

38,472

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

5,149

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

394,048

396,409

Other debtors

23,320

-

417,368

396,409

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

37,614

4,464

Hire purchase contracts

9,672

12,890

Trade creditors

801,109

719,237

Taxation and social security

104,802

166,364

Other creditors

21,149

21,986

974,346

924,941

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

46,937

51,480

Hire purchase contracts

8,739

12,926

Other creditors

177,376

194,016

233,052

258,422

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

29,081

33,624

Other loans more 5yrs instal

110,813

127,453

139,894

161,077

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdraft

33,150

-

Other loans

194,017

210,657

227,167

210,657

The other loan is secured on the property to which it relates.