Pretty spot on but the boiler will not fire up at SP-5C if the anticycle time is set "properly", some like vokera have a 3 min anticycle time, it is user adjustable on others so the boiler temp can/will be way lower than this as the circ pump continues to run so the flowrate can be somewhat lower Again, boilers like Vokera, or at least the one, a Vision 20S, that I regularly observe when it that house, appears to begin modulation within seconds of firing up and doesn't seem to have any particular problems in continuously cycling even with a rad demand of 3kw, its min turndown is around 5.5kw I think (20kw max).