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REGISTERED NUMBER:
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SOAR VALLEY HEATING LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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REGISTERED NUMBER:
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SOAR VALLEY HEATING LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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SOAR VALLEY HEATING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Gables |
Bishop Meadow Road |
Loughborough |
Leicestershire |
LE11 5RE |
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BANKERS: |
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Bishop Meadow Road |
Loughborough |
Leicestershire |
LE11 5RB |
SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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STATEMENT OF FINANCIAL POSITION |
31ST OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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STATEMENT OF FINANCIAL POSITION - continued |
31ST OCTOBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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1. | GENERAL INFORMATION |
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Soar Valley Heating Limited is a private company, limited by shares, registered in England and Wales. The |
address of the registered office is given in the company information on page one of these financial |
statements. |
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The financial statements are presented in sterling which is the functional currency of the company and |
rounded to the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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The financial statements cover the individual entity. |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31st October 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK |
GAAP, the date of transition to FRS 102 Section 1A is 1st November 2015. |
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there were no adjustments required on transition to FRS102. |
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Revenue |
Revenue represents net invoices sales of goods and services, excluding value added tax and trade discounts. |
Revenue is recognised on despatch of goods or on provision of services. |
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Property, plant & equipment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
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Plant & machinery | 15% reducing balance |
Motor vehicles | 25% reducing balance |
Fixtures & fittings | 25% reducing balance |
Computer equipment | 33.33% straight line |
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Inventory |
Inventory and work-in-progress are valued at the lower of cost and fair value less cost to sell, after making |
due allowance for obsolete and slow moving stock. |
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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. |
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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 statement of financial position date. |
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SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial |
position. 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. |
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The interest element of these obligations is charged to the income statement over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined pension contribution scheme for the benefit of its employees. Contributions |
payable are charged to the income statement in the year they are payable. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1st November 2016 |
and 31st October 2017 |
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DEPRECIATION |
At 1st November 2016 |
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Charge for year |
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At 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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The net book value of tangible fixed assets includes £5,774 (2016 - £7,699) in respect of assets held under |
finance leases or hire purchase contracts. |
SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts |
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4,168 |
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Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
SOAR VALLEY HEATING LIMITED (REGISTERED NUMBER: 04452860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st October 2017 and |
31st October 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loans made to the director are unsecured, interest free and repayable on demand. |