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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31st March 2019 |
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for |
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Heatseam Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31st March 2019 |
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for |
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Heatseam Limited |
Heatseam Limited (Registered number: 03220392) |
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Contents of the Financial Statements |
for the year ended 31st March 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Heatseam Limited |
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Company Information |
for the year ended 31st March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
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BANKERS: |
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225 High Street |
Lincoln |
LN2 1AZ |
Heatseam Limited (Registered number: 03220392) |
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Strategic Report |
for the year ended 31st March 2019 |
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The directors present their strategic report for the year ended 31st March 2019. |
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REVIEW OF BUSINESS |
2019 | 2018 | 2017 |
£ | £ | £ |
Turnover | 20,391,926 | 18,997,849 | 17,705,452 |
Turnover growth % | 7.3% | 7.3% | 29.5% |
Gross Profit Margin % | 24.9% | 21.4% | 21.9% |
Profit before Taxation | 1,081,380 | 1,034,984 | 936,395 |
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A relatively slow start in the first quarter was followed my more encouraging sales from the second quarter onwards momentum |
built again and growth targets were achieved. The changes introduced to the product range, especially the smooth flooring and Spc |
range, proved very successful. |
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These changes and the launch of the web ordering service have continued to drive the sales up and have laid the platform for the |
business to continue to expand and grow. |
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Margins have improved as a result of better buying policies and suppliers outside Eurozone have been sourced already in |
anticipation of Brexit supply issues. Some costs such as transport and staffing have increased to expand delivery capabilities and |
customer service requirements. |
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Overall the directors are satisfied with the results for another successful year. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of |
these instruments is to raise funds and finance the company's operations. |
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Price risk |
The company is a wholesale distributors of flooring products. The prices of such products tend to reduce on account of pricing |
pressure and competition. This risk is managed by maintaining adequate levels of stock and by monitoring the market continuously. |
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Foreign exchange risk |
The company purchases some products in foreign currencies. The risk is mitigated by monitoring foreign exchange rates on a daily |
basis. |
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Credit risk |
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The |
company does experience bad debts but believes they have systems in place to mitigate these risks. |
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Liquidity risk |
The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that |
liquidity poses a significant risk. |
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Interest rate and cash flow risk |
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a |
significant risk. |
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Heatseam Limited (Registered number: 03220392) |
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Strategic Report |
for the year ended 31st March 2019 |
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FUTURE DEVELOPMENTS AND STRATEGY |
The company has continued to expand in recent years. It was the director's view that further expansion would be best facilitated |
within a larger group and in April 2019 the Heatseam Ltd business was sold to Likewise Group PLC. |
The company will continue to invest in the delivery fleet, accessing the wider network offered with integration into the Likewise |
Group. |
The new commercial business of Likewise North will be based out of the premises in Dewsbury and will utilise the existing |
infrastructure and the enhanced delivery fleet |
The introduction of new product ranges will continue with product being sourced from both new and existing suppliers. |
As part of the Likewise Group the directors expect Heatseam to continue to expand in the next financial year. |
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ON BEHALF OF THE BOARD: |
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Heatseam Limited (Registered number: 03220392) |
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Report of the Directors |
for the year ended 31st March 2019 |
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The directors present their report with the financial statements of the company for the year ended 31st March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesale of flooring products. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2019. |
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FUTURE DEVELOPMENTS |
These details have been provided in the company's strategic report. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
report. |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of |
these instruments is to raise funds and finance the company's operations. |
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Revenue Maintenance |
The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the |
life cycle of the products can contribute to the future profits of the business. |
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Risks and uncertainties |
These details have been provided in the company's strategic report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's |
website. |
Heatseam Limited (Registered number: 03220392) |
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Report of the Directors |
for the year ended 31st March 2019 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order |
to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, cbaSadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Heatseam Limited |
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Opinion |
We have audited the financial statements of Heatseam Limited (the 'company') for the year ended 31st March 2019 which comprise |
the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the |
Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial |
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, |
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' |
(United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st March 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities |
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide |
a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in |
our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are |
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, |
we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Heatseam Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the |
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors |
determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud |
or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance |
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a |
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in |
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to |
them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
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Heatseam Limited (Registered number: 03220392) |
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Statement of Comprehensive Income |
for the year ended 31st March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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3,947,895 | 3,005,129 |
OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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1,123,356 | 1,070,375 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Heatseam Limited (Registered number: 03220392) |
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Balance Sheet |
31st March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 11 | ( |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Heatseam Limited (Registered number: 03220392) |
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Statement of Changes in Equity |
for the year ended 31st March 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1st April 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31st March 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31st March 2019 |
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Heatseam Limited (Registered number: 03220392) |
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Cash Flow Statement |
for the year ended 31st March 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Loans to connected companies | - | (35,799 | ) |
Loan repayments from connected companies | 361,714 | - |
Capital repayments in year |
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( |
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Amount introduced by directors | 67,574 | - |
Amount withdrawn by directors | (100,000 | ) | (265,759 | ) |
Net cash from financing activities |
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( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of
year |
2 |
(107,989 |
) |
269,807 |
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Cash and cash equivalents at end of year | 2 | 64,950 | ( |
) |
Heatseam Limited (Registered number: 03220392) |
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Notes to the Cash Flow Statement |
for the year ended 31st March 2019 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 41,976 | 35,391 |
Finance income | (26 | ) | (25 | ) |
1,348,024 | 1,227,780 |
Increase in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance |
Sheet amounts: |
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Year ended 31st March 2019 |
31/3/19 | 1/4/18 |
£ | £ |
Cash and cash equivalents | 64,950 | 75,950 |
Bank overdrafts |
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( |
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64,950 | (107,989 | ) |
Year ended 31st March 2018 |
31/3/18 | 1/4/17 |
£ | £ |
Cash and cash equivalents | 75,950 | 438,795 |
Bank overdrafts | ( |
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(107,989 | ) | 269,807 |
Heatseam Limited (Registered number: 03220392) |
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Notes to the Financial Statements |
for the year ended 31st March 2019 |
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1. | STATUTORY INFORMATION |
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Heatseam Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Heatseam Limited (Registered number: 03220392) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Distribution and Administration | 61 | 55 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2019 | 2018 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank interest |
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Bank loan interest |
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Interest on corporation tax |
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Loans written off |
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Disallowed interest and |
penalties |
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Hire purchase interest |
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Heatseam Limited (Registered number: 03220392) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred taxation |
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( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2018 - 19%). |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained |
below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
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investments not taxable |
Deferred Taxation movement |
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( |
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Total tax charge | 206,679 | 198,647 |
Heatseam Limited (Registered number: 03220392) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2018 |
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Additions |
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Disposals |
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( |
) | ( |
) |
At 31st March 2019 |
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DEPRECIATION |
At 1st April 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
) | ( |
) |
At 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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Included within the total net book value of tangible fixed assets is £550,318 (2018: £222,736) in respect of assets held |
under finance leases and similar hire purchase contracts. |
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8. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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Directors' current accounts | 100,000 | 67,574 |
Prepayments and accrued income |
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Heatseam Limited (Registered number: 03220392) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 12) |
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Hire purchase contracts (see note 13) |
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Trade creditors |
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Taxation |
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Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
|
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
Heatseam Limited (Registered number: 03220392) |
|
Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
|
13. | LEASING AGREEMENTS - continued |
|
Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Hire purchase contracts | 531,081 | 162,883 |
|
|
|
The company's debt is secured by a fixed and floating charge over the assets of the company. |
|
15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred taxation | 118,183 | 100,673 |
|
Deferred |
tax |
£ |
Balance at 1st April 2018 |
|
Provided during year |
|
Balance at 31st March 2019 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary Share | 1 | 2 | 2 |
Heatseam Limited (Registered number: 03220392) |
|
Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
|
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 31st March 2019 and 31st March 2018: |
|
2019 | 2018 |
£ | £ |
|
Balance outstanding at start of year | ( |
) |
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
|
18. | POST BALANCE SHEET EVENTS |
|
On 16 April 2019, the entire issued share capital of Heatseam Limited was purchased by Likewise Group PLC. |
The Heatseam business will continue to trade from its bases in Dewsbury, Scotland and Daventry and will form part of the |
enlarged Likewise Group. |