Medway Heating (Bolton) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01187484 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MEDWAY HEATING (BOLTON) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Craven

G J Owen

L Merritt

SECRETARY:

Miss A E Booth

REGISTERED OFFICE:

Unit 1 Viola Street

Astley Bridge

Bolton

Lancashire

BL1 8NG

REGISTERED NUMBER:

01187484 (England and Wales)

ACCOUNTANTS:

Studholme-Bell Limited

Chartered Accountants

& Business Advisors

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

FIXED ASSETS

Tangible assets

5

438,052

375,678

CURRENT ASSETS

Stocks

67,330

40,325

Debtors

1,903,331

1,503,678

Cash at bank and in hand

1,494,598

373,859

3,465,259

1,917,862

CREDITORS

Amounts falling due within one year

1,541,184

578,680

NET CURRENT ASSETS

1,924,075

1,339,182

TOTAL ASSETS LESS CURRENT LIABILITIES

2,362,127

1,714,860

CREDITORS

Amounts falling due after more than one year

(158,008

)

(108,209

)

PROVISIONS FOR LIABILITIES

(59,666

)

(43,843

)

NET ASSETS

2,144,453

1,562,808

CAPITAL AND RESERVES

Called up share capital

101

100

Retained earnings

2,144,352

1,562,708

SHAREHOLDERS' FUNDS

2,144,453

1,562,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 10 May 2024 and were signed on its behalf by:

P Craven - Director

G J Owen - Director

1.	STATUTORY INFORMATION

Medway Heating (Bolton) 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS102 Section 1A for small entities. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Income recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

50% on reducing balance

Inventories

Inventories have been valued at the lower of cost and estimated selling price, less costs to sell. In respect of work in progress and finished goods, cost included a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

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

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Hire purchase and leasing commitments

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other intangible assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 44 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2022

684,971

Additions

103,585

At 31 October 2023

788,556

DEPRECIATION

At 1 November 2022

309,293

Charge for year

41,211

At 31 October 2023

350,504

NET BOOK VALUE

At 31 October 2023

438,052

At 31 October 2022

375,678

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

Totals

£

COST

At 1 November 2022

and 31 October 2023

82,763

DEPRECIATION

At 1 November 2022

72,681

Charge for year

2,521

At 31 October 2023

75,202

NET BOOK VALUE

At 31 October 2023

7,561

At 31 October 2022

10,082

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £37,500 were paid to the directors .