Dobies Heat Centres Limited Filleted accounts for Companies House (small and micro)

DOBIES HEAT CENTRES LTD. - Company Information

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COMPANY REGISTRATION NUMBER: SC192731

Dobies Heat Centres Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2023

Dobies Heat Centres Limited

Statement of Financial Position

31 December 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	359,022	295,957

Current assets

Stocks		529,621	587,450
Debtors	7	1,097,042	1,168,430
Cash at bank and in hand		901,069	1,036,921
		------------	------------
		2,527,732	2,792,801

Creditors: amounts falling due within one year	8	994,287	1,402,343
		------------	------------
Net current assets		1,533,445	1,390,458
		------------	------------
Total assets less current liabilities		1,892,467	1,686,415

Creditors: amounts falling due after more than one year	9	15,522	24,511

Provisions

Taxation including deferred tax	18,519	21,367
	------------	------------
Net assets	1,858,426	1,640,537
	------------	------------

Capital and reserves

Called up share capital	10	200,000	200,000
Profit and loss account		1,658,426	1,440,537
		------------	------------
Shareholders funds		1,858,426	1,640,537
		------------	------------

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 Section 1A of 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 31 December 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:

M J Dobie	A Dobie
Director	Director

Company registration number: SC192731

Dobies Heat Centres Limited

Notes to the Financial Statements

Year ended 31 December 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Drumshoreland Road, Pumpherston, Livingston, West Lothian, EH53 0LF.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced and receivable during the year, exclusive of Value Added Tax. Sales of goods are recognised when the company has delivered the product to the customer.

Taxation

Deferred tax is provided on the liability method to take account of timing differences between the treatment for certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Property Improvements	-	2% straight line
Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	25% straight line
Computer Equipment	-	33% 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors, bank loans and overdrafts, and other creditors, 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 receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2022: 20 ).

5. Tax on profit

Major components of tax expense

	2023	2022
	£	£

Current tax:

UK current tax expense	70,199	51,425

Deferred tax:

Origination and reversal of timing differences	( 2,848)	7,108
	--------	--------
Tax on profit	67,351	58,533
	--------	--------

6. Tangible assets

Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
£	£	£	£	£	£

Cost
At 1 Jan 2023	261,080	26,442	15,749	258,656	35,558	597,485
Additions	–	–	750	104,084	5,006	109,840
Disposals	–	( 4,210)	( 683)	( 38,000)	–	( 42,893)
	---------	--------	--------	---------	--------	---------
At 31 Dec 2023	261,080	22,232	15,816	324,740	40,564	664,432
	---------	--------	--------	---------	--------	---------
Depreciation
At 1 Jan 2023	53,855	23,559	11,398	178,212	34,504	301,528
Charge for the year	5,127	1,197	1,683	36,465	2,303	46,775
Disposals	–	( 4,210)	( 683)	( 38,000)	–	( 42,893)
	---------	--------	--------	---------	--------	---------
At 31 Dec 2023	58,982	20,546	12,398	176,677	36,807	305,410
	---------	--------	--------	---------	--------	---------
Carrying amount
At 31 Dec 2023	202,098	1,686	3,418	148,063	3,757	359,022
	---------	--------	--------	---------	--------	---------
At 31 Dec 2022	207,225	2,883	4,351	80,444	1,054	295,957
	---------	--------	--------	---------	--------	---------

7. Debtors

	2023	2022
	£	£

Trade debtors	834,233	926,095
Other debtors	262,809	242,335
	------------	------------
	1,097,042	1,168,430
	------------	------------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£

Trade creditors	821,510	1,254,127
Corporation tax	70,178	51,425
Social security and other taxes	53,695	49,986
Other creditors	48,904	46,805
	---------	------------
	994,287	1,402,343
	---------	------------

The hire purchase creditors are secured over the assets being purchased on each finance agreement.

9. Creditors: amounts falling due after more than one year

	2023	2022
	£	£

Other creditors	15,522	24,511
	--------	--------

The hire purchase creditors are secured over the assets being purchased on each finance agreement.

10. Called up share capital

Authorised share capital

2023		2022
No.	£	No.	£

Ordinary shares of £ 1 each	200,000	200,000	200,000	200,000
	---------	---------	---------	---------

Issued, called up and fully paid

2023		2022
No.	£	No.	£

Ordinary shares of £ 1 each	200,000	200,000	200,000	200,000
	---------	---------	---------	---------

11. Related party transactions

The premises at 35 Drumshoreland Road, Pumpherston, one of the properties from which the company trades is owned by the directors' pension scheme. Rent of £10,000 per annum is payable to the pension scheme for this facility.

12. Ultimate controlling party

The directors are the controlling party by virtue of their controlling interest in the company's equity capital. In the opinion of the directors no individual has ultimate control.