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REGISTERED NUMBER: 03240260 (England and Wales)















THERMAL DESIGNS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






THERMAL DESIGNS UK LIMITED (REGISTERED NUMBER: 03240260)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THERMAL DESIGNS UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: G T Baldwin
B K Kelly





REGISTERED OFFICE: Broadway
Market Lavington
Devizes
Wiltshire
SN10 5RQ





REGISTERED NUMBER: 03240260 (England and Wales)





ACCOUNTANT: Clear Vision Accountancy Limited
1 Abacus House
Newlands Road
Corsham
Wiltshire
SN13 0BH

THERMAL DESIGNS UK LIMITED (REGISTERED NUMBER: 03240260)

BALANCE SHEET
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,107 11,944

CURRENT ASSETS
Stocks 53,109 42,730
Debtors 5 168,985 81,940
Cash at bank and in hand 18,911 85,239
241,005 209,909
CREDITORS
Amounts falling due within one year 6 779,636 589,093
NET CURRENT LIABILITIES (538,631 ) (379,184 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(533,524

)

(367,240

)

PROVISIONS FOR LIABILITIES 970 2,270
NET LIABILITIES (534,494 ) (369,510 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (534,594 ) (369,610 )
SHAREHOLDERS' FUNDS (534,494 ) (369,510 )

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

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

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 24 July 2024 and were signed on its behalf by:





B K Kelly - Director


THERMAL DESIGNS UK LIMITED (REGISTERED NUMBER: 03240260)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Thermal Designs UK 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover includes the service of applying thermal insulation to customer assets. Turnover is measured at the fair value of consideration received or receivable excluding any discounts, rebates and sales taxes, and represents invoiced fees and a provision for work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 10 years and 5 years on mechanical items
Fixtures and fittings - Straight line over 7 years
Computer equipment - 10 years and 3 years on computers

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

The cost of stock is calculated using the first-in, first-out method and includes the cost price of the stock purchased.

Work in progress is calculated by considering the agreed contracts of sales outstanding at the year end and multiplying each contract by the percentage of completeness at the balance sheet date.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws in force for the financial year being reported on.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

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.

THERMAL DESIGNS UK LIMITED (REGISTERED NUMBER: 03240260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Going concern
The directors have assessed whether the company is a going concern and have considered all available information about the future and are confident of the company's ability to continue as a going concern given the continued support from their US owners.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and
leasehold Moulds machinery
£    £    £   
COST
At 1 January 2023 8,177 84,619 206,854
Additions - - -
At 31 December 2023 8,177 84,619 206,854
DEPRECIATION
At 1 January 2023 8,177 82,874 198,858
Charge for year - 1,612 5,409
At 31 December 2023 8,177 84,486 204,267
NET BOOK VALUE
At 31 December 2023 - 133 2,587
At 31 December 2022 - 1,745 7,996

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 27,159 12,490 339,299
Additions - 917 917
At 31 December 2023 27,159 13,407 340,216
DEPRECIATION
At 1 January 2023 25,759 11,687 327,355
Charge for year 343 390 7,754
At 31 December 2023 26,102 12,077 335,109
NET BOOK VALUE
At 31 December 2023 1,057 1,330 5,107
At 31 December 2022 1,400 803 11,944

THERMAL DESIGNS UK LIMITED (REGISTERED NUMBER: 03240260)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 98,181 46,171
Other debtors 70,804 35,769
168,985 81,940

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 12,721 49,170
Amounts owed to group undertakings 737,036 373,037
Taxation and social security 12,038 7,481
Other creditors 17,841 159,405
779,636 589,093

7. RELATED PARTY DISCLOSURES

During the year transactions were undertaken with Thermal Designs Inc, the parent company registered to 5352 Prudence Street, Houston, Texas, 77045 USA.

During the year costs of £358,644 (2022 - (12,393)) were charged by Thermal Designs Inc, the parent company, for the purchase of stock and materials as well as central management and licence fees.

During the year sales were made to Thermal Designs Inc, the parent company, of £21,776 (2022 - £15,464).

At the balance sheet date there remained an amount outstanding to be paid to Thermal Designs Inc of £737,036 (2022 - £373,037) and this is included in creditors.