Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31422022-04-01falseNo description of principal activity42truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04966845 2022-04-01 2023-03-31 04966845 2021-04-01 2022-03-31 04966845 2023-03-31 04966845 2022-03-31 04966845 c:CompanySecretary1 2022-04-01 2023-03-31 04966845 c:Director1 2022-04-01 2023-03-31 04966845 c:Director4 2022-04-01 2023-03-31 04966845 c:Director5 2022-04-01 2023-03-31 04966845 c:Director6 2022-04-01 2023-03-31 04966845 c:RegisteredOffice 2022-04-01 2023-03-31 04966845 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 04966845 d:Buildings d:LongLeaseholdAssets 2023-03-31 04966845 d:Buildings d:LongLeaseholdAssets 2022-03-31 04966845 d:PlantMachinery 2022-04-01 2023-03-31 04966845 d:PlantMachinery 2023-03-31 04966845 d:PlantMachinery 2022-03-31 04966845 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04966845 d:MotorVehicles 2022-04-01 2023-03-31 04966845 d:FurnitureFittings 2022-04-01 2023-03-31 04966845 d:OfficeEquipment 2022-04-01 2023-03-31 04966845 d:OfficeEquipment 2023-03-31 04966845 d:OfficeEquipment 2022-03-31 04966845 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04966845 d:ComputerEquipment 2022-04-01 2023-03-31 04966845 d:ComputerEquipment 2023-03-31 04966845 d:ComputerEquipment 2022-03-31 04966845 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04966845 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04966845 d:OtherPropertyPlantEquipment 2023-03-31 04966845 d:OtherPropertyPlantEquipment 2022-03-31 04966845 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04966845 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04966845 d:CurrentFinancialInstruments 2023-03-31 04966845 d:CurrentFinancialInstruments 2022-03-31 04966845 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04966845 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04966845 d:ShareCapital 2023-03-31 04966845 d:ShareCapital 2022-03-31 04966845 d:RetainedEarningsAccumulatedLosses 2023-03-31 04966845 d:RetainedEarningsAccumulatedLosses 2022-03-31 04966845 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 04966845 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 04966845 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 04966845 c:FRS102 2022-04-01 2023-03-31 04966845 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04966845 c:FullAccounts 2022-04-01 2023-03-31 04966845 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04966845 d:WithinOneYear 2023-03-31 04966845 d:WithinOneYear 2022-03-31 04966845 d:BetweenOneFiveYears 2023-03-31 04966845 d:BetweenOneFiveYears 2022-03-31 04966845 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 04966845







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


THERMCO SYSTEMS LIMITED










































                        

 


THERMCO SYSTEMS LIMITED
 


 
COMPANY INFORMATION


Directors
G Thurgood 
I S McGregor 
M F Jennings 
E L Benham 




Company secretary
M Thurgood



Registered number
04966845



Registered office
Highfield
Rock Road

Pulborough

Washington

West Sussex

RH20 3BH




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


THERMCO SYSTEMS LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10


 


THERMCO SYSTEMS LIMITED
REGISTERED NUMBER:04966845



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
58,097
48,662

Investments
 5 
109,513
109,513

  
167,610
158,175

Current assets
  

Stocks
  
1,316,233
1,080,899

Debtors: amounts falling due within one year
 6 
2,356,362
3,060,271

Cash at bank and in hand
  
964,655
192,511

  
4,637,250
4,333,681

Creditors: amounts falling due within one year
 7 
(2,869,339)
(2,377,839)

Net current assets
  
 
 
1,767,911
 
 
1,955,842

Total assets less current liabilities
  
1,935,521
2,114,017

Provisions for liabilities
  

Deferred tax
  
-
(9,976)

Other provisions
 8 
(393,560)
(498,541)

  
 
 
(393,560)
 
 
(508,517)

Net assets
  
1,541,961
1,605,500


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1,000
1,000

Profit and loss account
  
1,540,961
1,604,500

  
1,541,961
1,605,500


Page 1

 


THERMCO SYSTEMS LIMITED
REGISTERED NUMBER:04966845


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G Thurgood
Director

Date: 4 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Thermco Systems Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The Company is part of a Group with the parent company being Tetreon Technologies Group Limited, and the other subsidiaries being CSD Expitaxy, and Thermco SRO.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company reported a loss before tax of £20,703 (2022: profit before tax of £282,715), net current assets of £1,767,911 (2022: £1,955,842) and net assets of £1,541,961 (2022: £1,605,500) at the balance sheet date.
The war in Ukraine has had implications on the Company's projects for customers in Russia, as well as     some in China due to sanctions put in place by the UK government.  In addition, a long lead supply chain issues restricted the revenue recognition thus the loss before tax. 
        
The Company maintains a positive cashflow and a healthy bank balance of £964,655. Also, the deferred revenue recognition (backlog projects) coupled with the conservative forecast for the next financial year is to deliver record breaking profit before tax.   
        
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to use the going concern basis  in preparing the annual reports and accounts.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the monthly exchange rate when fair value was determined.

Page 3

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the manufacture, supply and installation of diffusion furnaces and wet benches is recognised on a stage of completion basis. Revenue from the sale of components is recognised when the goods are shipped and invoiced. 

Revenue from associated services is recognised on a straight line basis over the length of the service contract. In the case of ad hoc services where no contract exists, revenue is recognised upon the provision of the agreed services.
 

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.7

Research and development

Research and development expenditure is recognised as an expense in the Statement of Income and Retained Earnings in the period of which it is incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
5 years straight line
Plant and machinery
-
3-7 years straight line
Motor vehicles
-
10 years straight line
Fixtures and fittings
-
3-5 years straight line
Office equipment
-
3-5 years straight line
Computer equipment
-
3-7 years straight line
Other fixed assets
-
3-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
Work in progress is recognised when components are issued to a job and posted to a Works Order. When Works Orders are closed, the work in progress is released to cost of sales, and the corresponding revenue is recognised.
Work in progress includes labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. 


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2022 -42).

Page 7

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 April 2022
70,399
103,229
32,092
139,294
15,676
360,690


Additions
-
14,247
2,019
13,737
7,018
37,021


Disposals
-
-
-
(1,419)
-
(1,419)



At 31 March 2023

70,399
117,476
34,111
151,612
22,694
396,292



Depreciation


At 1 April 2022
60,247
91,182
30,293
115,518
14,788
312,028


Charge for the year
5,620
4,748
1,135
14,539
1,544
27,586


Disposals
-
-
-
(1,419)
-
(1,419)



At 31 March 2023

65,867
95,930
31,428
128,638
16,332
338,195



Net book value



At 31 March 2023
4,532
21,546
2,683
22,974
6,362
58,097



At 31 March 2022
10,152
12,047
1,799
23,776
888
48,662


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
109,513



At 31 March 2023
109,513




Page 8

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,473,979
1,578,401

Amounts owed by group undertakings
34,955
190,321

Other debtors
60,005
30,614

Prepayments and accrued income
712,346
1,260,935

Deferred taxation
75,077
-

2,356,362
3,060,271



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Loan from group company
-
180,000

Trade creditors
709,726
721,931

Amounts owed to group undertakings
164,820
-

Other taxation and social security
50,957
45,636

Other creditors
-
9,068

Accruals and deferred income
1,943,836
1,421,204

2,869,339
2,377,839



8.


Provisions




Warranty provision

£





At 1 April 2022
498,541


Charged to profit or loss
(104,981)



At 31 March 2023
393,560

The warranty provision is the best estimate of future repairs to be made on items sold within the warranty period. The standard warranty period is one year from acceptance of machinery.

Page 9

 


THERMCO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
14,388
29,100

Later than 1 year and not later than 5 years
-
14,550

14,388
43,650


10.


Related party transactions

During the year, Thermco Systems Limited purchased goods with a total value of £194,963 (2022: £355,165) from Quartztec Europe Limited, a company which G Thurgood holds the position of Director. These transactions were conducted on an arms length basis.  At the year end, a balance of £27,438 (2022: £510) was in trade creditors.

Page 10