Company registration number 02383290 (England and Wales)
THERMOPLAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THERMOPLAS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
THERMOPLAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 March 2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
29,491
34,388
Current assets
Inventories
200,351
224,375
Trade and other receivables
5
55,362
80,741
Cash and cash equivalents
212,527
79,297
468,240
384,413
Current liabilities
6
(236,057)
(105,659)
Net current assets
232,183
278,754
Total assets less current liabilities
261,674
313,142
Non-current liabilities
7
(54,447)
Provisions for liabilities
(5,117)
Net assets
256,557
258,695
Equity
Called up share capital
8
4
4
Retained earnings
256,553
258,691
Total equity
256,557
258,695
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial 13 Month Period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the 13 Month Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THERMOPLAS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr J R Sizeland
Director
Company registration number 02383290 (England and Wales)
THERMOPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Thermoplas Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridgeholme Industrial Estate, Chinley, High Peak, SK23 6DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
25% each year
Plant and equipment
15% each year
Fixtures and fittings
25% each year
Motor vehicles
25% each year
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
THERMOPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.5
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
THERMOPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the 13 Month Period was:
2024
2023
Number
Number
Total
8
7
THERMOPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
4,316
172,356
176,672
Additions
11,067
11,067
Disposals
(24,311)
(24,311)
At 30 April 2024
4,316
159,112
163,428
Depreciation and impairment
At 1 April 2023
4,317
137,967
142,284
Depreciation charged in the 13 Month Period
(1)
7,865
7,864
Eliminated in respect of disposals
(16,211)
(16,211)
At 30 April 2024
4,316
129,621
133,937
Carrying amount
At 30 April 2024
29,491
29,491
At 31 March 2023
(1)
34,389
34,388
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
38,098
64,783
Other receivables
17,264
15,958
55,362
80,741
6
Current liabilities
2024
2023
£
£
Bank loans
19,300
Trade payables
146,710
30,896
Taxation and social security
40,880
48,948
Other payables
48,467
6,515
236,057
105,659
THERMOPLAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2024
- 7 -
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
54,447
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
237,268
307,074
10
Parent company
The parent company of Thermoplas Limited is iKrafts Limited and its registered office is First Floor Merchant Exchange, Waters Green, Macclesfield, Cheshire, United Kingdom, SK11 6JX.